White House Opposes Crypto Bill, Stops Short Of Veto Threat

The White House has issued a statement of administration policy opposing a bill to make the CFTC, rather than the SEC, the primary regulator of cryptocurrency. The bill is discussed in previous bullet here.

• White House: "The Administration opposes passage of H.R. 4763... [which] in its current form lacks sufficient protections for consumers and investors who engage in certain digital asset transactions."
• Statement continues: "The Administration looks forward to continued collaboration with Congress on developing legislation for digital assets that includes adequate guardrails for consumers and investors while creating the conditions needed for innovation, and further time will be needed for such collaboration."
• The statement of policy stops short of issuing a veto threat but lays down a clear marker that the Biden administration will oppose the bill in the unlikely event it clears the Senate.
• However, as the statement avoids a veto threat, it will likely be considered a major win by backers of crypto on both sides of the aisle in the Capitol.