{"id":1240,"date":"2024-05-22T15:57:54","date_gmt":"2024-05-22T15:57:54","guid":{"rendered":"http:\/\/ci02de0c8c100024cc"},"modified":"2024-05-22T15:57:54","modified_gmt":"2024-05-22T15:57:54","slug":"white-house-eager-to-work-with-congress-on-crypto-framework-bill","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/markets\/white-house-eager-to-work-with-congress-on-crypto-framework-bill","title":{"rendered":"White House Eager To Work With Congress On Crypto Framework Bill"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div><p>Today, the Executive Office of the United States President Joe Biden issued a Statement of Administration Policy on legislation H.R. 4763 &#8211; Financial Innovation and Technology Act 21 (FIT 21), which aims to create clear guidelines for digital assets.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">JUST IN: \ud83c\uddfa\ud83c\uddf8 White House is eager to work with Congress to develop a &quot;balanced regulatory framework for digital assets.&quot; <a href=\"https:\/\/t.co\/OluzdKkqo6\">pic.twitter.com\/OluzdKkqo6<\/a><\/p>\n<p>&mdash; Bitcoin Magazine (@BitcoinMagazine) <a href=\"https:\/\/twitter.com\/BitcoinMagazine\/status\/1793287931588706767?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">May 22, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>&#8220;The current regulatory environment in the U.S. has created uncertainty and driven business overseas, stifling innovation and resulting in a loss of jobs and investment,&#8221; <a href=\"https:\/\/x.com\/DigitalChamber\/status\/1793273312782553254\">said<\/a>&nbsp;The Chamber of Digital Commerce, an American advocacy group that promotes the Bitcoin industry in DC. &#8220;The FIT for the 21st Century Act addresses these issues by creating clear guidelines for the classification, trading and regulation of digital assets, ensuring consumer protection.&#8221;<\/p>\n<p>With FIT 21 expected to pass the House in a vote today, the Biden admin&nbsp;will reportedly not issue a threat of a veto if passed, like it did earlier this month regarding another crypto related <a href=\"https:\/\/bitcoinmagazine.com\/business\/president-joe-biden-will-veto-legislation-allowing-financial-firms-to-custody-bitcoin-white-house\">bill<\/a>, which would allow highly trusted financial institutions to custody Bitcoin and other digital assets. If passed, FIT 21 would then be voted on in the Senate.<\/p>\n<p>However, the Biden Administration said that it currently opposes the passage of FIT 21, and wants to work with Congress on a resolution. The White House says the bill in its current form lacks the necessary consumer and investor protections for those participating in this growing market.<\/p>\n<p>&#8220;The administration is eager to work with Congress to ensure a&nbsp;comprehensive and balanced regulatory framework for digital assets&#8230;which will promote the responsible development of digital assets and payment innovation and help reinforce the United States leadership in the global financial system,&#8221;&nbsp;The White House stated today.<\/p>\n<p>Previously, the Biden Administration has acted hostile towards the Bitcoin and broader crypto industry, such as Biden&#8217;s veto threat on a bill earlier this month mentioned above, in addition to reports by Congressmen saying Biden is in favor of a central bank digital currency over a decentralized currency like Bitcoin.<\/p>\n<p>But now that Biden&#8217;s political opponent, Donald Trump, is <a href=\"https:\/\/www.donaldjtrump.com\/news\/bc422399-088b-49a0-a39b-c094fad4daf8\" target=\"_blank\" rel=\"noopener\">embracing<\/a> Bitcoin and crypto and gaining donations from it, Biden&#8217;s Administration appears to be reversing it&#8217;s stance on the matter.&nbsp;<\/p>\n<p>The result of the FIT 21 voting in the House today will be posted on Bitcoin Magazine&#8217;s <a href=\"https:\/\/x.com\/BitcoinMagazine\">X account<\/a> later today.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Biden Administration wants to work with Congress to develop regulatory framework for digital assets.<\/p>\n","protected":false},"author":2511,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[76,80,61,555,93,628],"class_list":{"0":"post-1240","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-markets","7":"tag-bitcoin","8":"tag-crypto","9":"tag-donald-trump","10":"tag-joe-biden","11":"tag-news","12":"tag-white-house"},"author_data":{"id":2511,"name":"Nik","nicename":"nik","avatar_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2025\/03\/NIK_.jpg"},"featured_image_url":null,"_links":{"self":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/1240","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/users\/2511"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/comments?post=1240"}],"version-history":[{"count":0,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/1240\/revisions"}],"wp:attachment":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media?parent=1240"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/categories?post=1240"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/tags?post=1240"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}