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

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.

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.

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. 

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