White House Opposes FIT21 But Says It's 'Eager to Work with Congress' on Balanced Framework for Digital Assets
Senior Policy Advisor Scott Mason spoke to The Block about the Biden Administration's opposition to the Financial Innovation and Technology for the 21st Century Act (FIT21) because of concerns over the lack of sufficient consumer and investor protections in the current version of the bill. Despite its current stance, the administration has said it remains open to working with Congress to develop a comprehensive and balanced regulatory framework for digital assets. Mr. Mason noted that the White House's position isn't surprising, given its focus on defending regulatory agencies like the Commodity Futures Trading Commission (CFTC) whose resources would be stretched by the bill. He added, however, that President Biden hasn't definitively said he will veto it.
"They obviously are cognizant that the SEC is under extreme congressional scrutiny at the moment with both the House and Senate passing Congressional Review Act bills with significant bipartisan support last week criticizing the SEC over their recent Staff Accounting Bulletin 121 re: digital assets," he added.