U.S. SEC and White House both oppose FIT21 cryptocurrency bill

A bill on the Financial Innovation and Technology for the 21st Century Act (FIT21) should get a vote in Congress today. It's a bipartisan bill, with some Democrats, the White House, and the U.S. Securities and Exchange Commission (SEC) opposing it. The main advance in the bill is the recognition that certain digital assets should not be regulated as securities. At the same time, the bill has some flaws and may need more work. The White House released a statement saying, "The Administration is eager to work with Congress to build on existing regulators to ensure a comprehensive and balanced regulatory framework for digital assets that will promote the responsible development of digital assets and payments innovation and help strengthen digital asset regulation."