White House Opposes FIT21 but Says it's 'Eager to Work with Congress' on Balanced Framework for Digital Assets

The White House is opposing the passage of the Financial Innovation and Technology for the 21st Century Act, also known as FIT21 or H.R.4763.  "The Administration opposes passage of H.R. 4763, which would affect the regulatory structure for digital assets in the United States" according to a statement on Wednesday. "The Administration is eager to work with Congress to ensure a comprehensive and balanced regulatory framework for digital assets, building on existing authorities, which will promote the responsible development of digital assets and payment innovation and help reinforce United States leadership in the global financial system." The White House said that the bill currently lacks "sufficient protections for consumers and investors who engage in certain digital asset transactions." It added that more time will be needed to work with Congress on digital asset legislation.

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