The Executive Office of the President has announced its opposition to the Financial Innovation and Technology for the 21st Century Act, also known as H.R. 4763. The statement, released by the Office of Management and Budget, raises concerns about the regulatory framework proposed in the bill for digital assets.
The Administration is worried about the lack of consumer protection provided in H.R. 4763. They believe that the current version of the bill could put consumers and investors at risk in the digital asset market. Despite this opposition, the Administration is open to working with Congress to create a more comprehensive and balanced regulatory framework for digital assets.
The main goal is to ensure consumer protection and support the responsible growth of digital assets and payment innovation. This collaboration aims to strengthen the United States’ position in the global financial system.
The Administration is urging ongoing cooperation with lawmakers to guarantee that any future digital asset legislation includes the necessary safeguards for consumers and investors. They stress the importance of careful consideration and time in achieving these objectives for innovation and regulation in the digital asset sector.
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