The House on May 22 approved a key bill that would set up a new regulatory framework for cryptocurrency. While the White House has expressed opposition to the legislation, President Joe Biden did not indicate he will veto it.
The bill, called the Financial Innovation and Technology for the 21st Century (FIT 21) Act, passed by the House in a bipartisan 279–136 vote. It now heads to the Senate for consideration.
FIT 21, considered the most comprehensive legal framework for cryptocurrency assets, would grant the Commodity Futures Trading Commission (CFTC) primary jurisdiction over the crypto sector, effectively sidelining the Securities and Exchange Commission (SEC).
The White House confirmed its opposition to the legislation, though officials said in a statement ahead of the vote that they are “eager to work with Congress to ensure a comprehensive and balanced regulatory framework for digital assets.”…