The SEC and the White House have both opposed the FIT21 cryptocurrency bill

The bill on the Financial Innovation and Technology for the 21st Century Act (FIT21) should receive a vote in Congress today. It is a bipartisan bill that some Democrats, the White House, and the Securities Exchange Commission (SEC) oppose. The main development of the bill is the recognition that certain digital assets should not be regulated as securities. At the same time, the bill also has some flaws that may require more work. "The administration is eager to work with Congress to ensure a comprehensive, balanced regulatory framework for digital assets, building on existing regulatory agencies, that will promote the responsible development of digital asset and payments innovation and help strengthen digital asset regulation," the White House said in a statement.