Today, the Executive Office of the President announced its opposition to the passage of H.R. 4763, which was named the Financial Innovation and Technology for the 21st Century Act. The statement, issued by the Office of Management and Budget, outlines the Administration’s concerns regarding the current regulatory framework proposed by the bill for digital assets.
Concerns Over Consumer Protection
The Administration’s primary concern is that H.R. 4763 does not offer sufficient protections for consumers and investors engaged in digital asset transactions. Officials stress that the bill, in its current form, could pose risks to both individual and institutional participants in the burgeoning digital economy.
Despite its opposition, the Administration expressed a willingness to collaborate with Congress to develop more comprehensive legislation. The goal is to create a balanced regulatory framework that ensures consumer protection and promotes the responsible development of digital assets and payment innovation. Such efforts aim to reinforce U.S. leadership in the global financial system.
The Administration has called for continued collaboration with lawmakers to ensure that any future digital asset legislation includes the necessary safeguards for consumers and investors. This ongoing dialogue is crucial for setting the stage for further innovation and regulation in the digital asset space. Officials emphasised that more time and careful consideration are needed to achieve these objectives.
