Pro-Biden Legislator Drums Support For FIT21 Ahead of US Elections

David Pokima
June 4, 2024
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Highlights

  • Rep Ro Khanna called on the White House to back FIT21.
  • He noted that Democrats have lost slight support of Wall Street.
  • Coinbase CLO restated the sentiments of the crypto community on FIT21.

US lawmaker Ro Khanna has called on the White House to support the Financial Innovation and Technology for the 21st Century (FIT21) bill to shape the blockchain industry. This comes after criticisms followed Joe Biden’s action to veto the Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin (SAB 121) last week.

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Ro Khanna Rallies Behind FIT21

In a recent interview with MSNBC, Ro Khanna explained the importance of regulatory clarity around blockchain and digital assets in the United States. According to him, the White House should support the FIT21 regulation, bringing clarity to the sector. 

“… the concerns that the Administration has been too negative on blockchain. Speaker Pelosi and I supported Patrick McHenry’s recent bill to provide regulatory clarity I think it will be helpful if the White House gets behind that.” 

This comes amid the bipartisan effort in the House to see this bill move to the Senate. Although its future remains uncertain in the Senate, industry, and pro-crypto have urged the authorities to get behind the FIT21. 

Ro Khanna also noted Biden’s achievements in technology have had the highest investment since the Kennedy years, including notable developments with Chips. However, he highlighted the slight shift in Wall Street’s support in light of recent developments. According to him, Democrats had the support of 90% of Silicon Valley against the present 70%. The upcoming U.S. election has made crypto a mainstream issue with stakeholders pushing pro-industry bills.

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Crypto Regulation Garners Steam

Coinbase Chief Legal Officer, Paul Grewal highlighted the recent interview suggesting that it’s time for the White House to listen to voices. Grewal wrote on X that the co-chair of Sander’s 2020 campaign who is a leading voice for Joe Biden is going pro-crypto regulation with FIT21; “maybe, just maybe, the WH ought to listen.”

Coinbase has become a voice pledging efforts towards a regulated United States market amid its lawsuit with the SEC. Crypto executives have also criticized the harsh efforts by the SEC towards crypto regulations. 

Also Read: Terra Luna Classic Votes On LUNC Payout Proposal 

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.