The bill called FIT21, prepared to regulate crypto assets in the USA, was accepted by majority vote in the US House of Representatives.

While the bill approves the Commodity Futures Trading Commission for oversight of decentralized crypto assets, the SEC and the Biden Administration are said to have concerns about the bill. SEC Chairman Gary Gensler has concerns that the bill lacks protection for investors.

The bill, which has the support of both Democrats and Republicans in the House of Representatives, is expected to create a clear regulatory framework for crypto assets. Patrick McHenry, Chairman of the House Financial Services Committee, said in his statement about the bill that he believes that in this way, the USA will reinforce its global leadership in technological innovation and adoption.

Biden administration and SEC concerned

This important step towards regulating crypto assets has caused the White House and the SEC to worry about some issues. The regulator claims that the bill has some shortcomings in terms of investor protection.

The Biden Administration, which has similar thoughts, opposes the adoption of the bill but has not yet threatened a veto. This strengthens the view that the bill may be revised before it becomes law.

SEC Chairman Gary Gensler, on the other hand, claims that FIT21 contains some regulatory loopholes and thinks that if the bill comes into force, it may harm the rules regarding investor contract oversight. Gensler believes that this situation could put both investors and capital markets at risk.

As it is known, Gensler is very insistent that crypto assets be placed under the supervision of the SEC. The current study aims to bring crypto assets largely under the jurisdiction of the CFTC. This means that the SEC remains disabled in the oversight of crypto assets.