Biden Does Not Threaten Veto on House Crypto Market Bill

Biden Administration Urges Congress to Speed Up Crypto Rules

Top US financial regulators call for comprehensive legislation

March 9, 2022, 3:10 PM PST President Joe Biden has not threatened to veto a bill recently passed by the House that would create a regulatory framework for the cryptocurrency market, despite earlier concerns raised by the White House. In a statement released on Wednesday, the White House said that Biden "supports the goal of responsible innovation in the digital asset space," and that he is "committed to working with Congress to develop a bill that protects consumers, supports responsible innovation, and addresses the risks to financial stability and national security." The House bill, the "Digital Asset Market Structure and Investor Protection Act," would establish a new regulatory framework for the cryptocurrency market. The bill would require cryptocurrency exchanges to register with the Securities and Exchange Commission (SEC) and would give the SEC the authority to oversee the trading of digital assets. The bill also includes a number of provisions aimed at protecting consumers, such as requiring cryptocurrency exchanges to disclose their fees and to provide investors with access to clear and concise information about the risks of investing in digital assets. The White House has previously expressed concerns about the bill, arguing that it would give the SEC too much authority over the cryptocurrency market. However, the statement released on Wednesday suggests that the White House is now willing to work with Congress to develop a bill that addresses its concerns. The statement also urged Congress to speed up its work on crypto regulation, arguing that "the rapid growth of the digital asset market has outpaced the development of a comprehensive regulatory framework." The Biden administration's shift in tone on crypto regulation is likely due to the growing pressure from Congress and the cryptocurrency industry. A number of lawmakers have been pushing for the passage of a comprehensive crypto regulation bill, and the industry has been lobbying hard for a clear and consistent regulatory framework.