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Tags: white house | crypto bill | gary gensler

White House Opposes Crypto Bill

By    |   Wednesday, 22 May 2024 07:47 PM EDT

The White House has declared that it is opposed to the bipartisan cryptocurrency regulation bill scheduled for the House floor on Wednesday, Politico reported.

The Biden administration has said it is worried that the legislation "lacks sufficient protections for consumers and investors" involved in digital transactions.

However, the administration did not explicitly threaten to veto the Financial Innovation and Technology for the 21st Century Act, legislation which is considered favorable for backers of crypto.

The final margin of the vote could offer a type of indicator for the industry’s current Capitol Hill support.

The White House statement came a short time after SEC Chair Gary Gensler spoke out against the bill, arguing that it "would create new regulatory gaps and undermine decades of precedent — putting investors and capital markets at immeasurable risk."

Democratic Virginia Rep. Gerry Connolly, ranking member of the House Subcommittee on Cybersecurity, Information Technology, and Government Innovation, also released a statement ahead of the House vote, saying that "we need a robust regulatory framework for digital assets that spurs investment and innovation while protecting the public from the volatility, abuse, and fraud we have seen in the crypto industry."

However, Connolly said that "the Financial Innovation and Technology for the 21st Century Act is a missed opportunity to accomplish what should be a broadly shared goal — bringing some stability to an industry that has seen rampant speculation and major players collapse to nothing.

"Self-certification of compliance, regulatory carve-outs from proven and existing securities laws, and relaxed consumer protection guardrails simply do not meet the high standard of U.S. leadership in the global financial system."

Brian Freeman

Brian Freeman, a Newsmax writer based in Israel, has more than three decades writing and editing about culture and politics for newspapers, online and television.

© 2024 Newsmax. All rights reserved.


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The White House has declared that it is opposed to the bipartisan cryptocurrency regulation bill scheduled for the House floor on Wednesday.
white house, crypto bill, gary gensler
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2024-47-22
Wednesday, 22 May 2024 07:47 PM
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