US President Joe Biden and SEC Chair Gary Gensler have voiced their opposition to the Financial Innovation and Technology for the 21st Century (FIT21) Act, a crucial bill set to clarify crypto regulation. They argue that the bill lacks adequate protections for consumers and could destabilize US capital markets. Despite this, the White House expressed its willingness to work with Congress on an alternative crypto regulatory framework. The President might veto the FIT21 bill if passed. This story is still developing, with more details to follow.