No Veto? ❌

President Biden said he "opposes" the FIT21 bill, but didn't say he'd veto it.

Author

Stacy Elliott
May 22, 2024

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📝 What you need to know

Crypto policy wonks have breathed a sigh of relief. In a statement earlier today, U.S. President Joe Biden said he is “opposed” to FIT21. The bill it would, for the first time, provide a broad regulatory framework for crypto assets—and one which most in the crypto industry would be happy with.

But on this, he and Securities and Exchange Commission Chair Gary Gensler are not aligned. Before Biden released his statement, Gensler released a letter sounding the alarm that FIT21 would “undermine decades of precedent regarding the oversight of investment contracts, putting investors and capital markets at immeasurable risk.”

Now all that’s left to do is wait for for the outcome of the all-important vote, which is scheduled for later today.

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💬 Quote of the Day

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The crypto industry’s record of failures, frauds, and bankruptcies is not because we don't have rules or because the rules are unclear. It’s because many players in the crypto industry don’t play by the rules. We should make the policy choice to protect the investing public over facilitating business models of noncompliant firms.

- SEC Chair Gary Gensler

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