Summary
- The Biden administration opposes the FIT 21 bill due to concerns over inadequate protections for consumers and investors
- The administration is willing to collaborate with Congress to develop a more balanced regulatory framework for digital assets
- SEC Chair Gary Gensler also opposes the bill, stating it could hinder the SEC’s ability to regulate effectively
- Proponents argue that current laws pose a threat to crypto companies, while opponents believe these companies are seeking exemptions from standard disclosure requirements
