United States President Joe Biden and Securities and Exchange Commission (SEC) Chair Gary Gensler have released statements before the House of Representatives votes on a critical piece of legislation affecting the regulation of cryptocurrencies.

In a May 22 notice, the Biden administration said it opposed Congress passing H.R. 4763, the Financial Innovation and Technology for the 21st Century (FIT21) Act, claiming it “lacks sufficient protections for consumers and investors who engage in certain digital asset transactions.” The White House’s position was announced shortly after Chair Gensler released a statement claiming FIT21 would “create new regulatory gaps” and risk the stability of U.S. capital markets if passed.

H.R. 4763, set for a vote in the House on May 22, would clarify how the SEC and Commodity Futures Trading Commission handle digital asset regulation. Many industry leaders and lawmakers have suggested a lack of regulatory clarity in the crypto space, leading to some companies leaving the United States or staying and risking SEC enforcement actions.

The White House added that it was “eager to work with Congress” for an alternative bill to establish a regulatory framework for crypto. The statement suggested that President Biden might consider a  veto of the FIT21 bill if passed, which he also said he would do with H.J.Res. 109, a joint resolution countermanding an SEC accounting rule on banks handling crypto.

This is a developing story, and further information will be added as it becomes available.