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05/23/2024

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Senate Faces Uncertainty as FIT21 Crypto Bill Moves Forward

The Financial Innovation and Technology for the 21st Century Act has been passed recently in the U. S. House of Representatives with rather large support on a bipartisan basis. This bill, intended to provide...

Senate Faces Uncertainty as FIT21 Crypto Bill Moves Forward

The Financial Innovation and Technology for the 21st Century Act has been passed recently in the U. S. House of Representatives with rather large support on a bipartisan basis. This bill, intended to provide clear regulatory frameworks that the crypto industry could abide by, was passed by 279 votes to 136. 

Of the supporters, 71 were Democrats, and the supporters include Nancy Pelosi, the House Speaker. Currently, the bill under consideration provides for the two authorities to maintain crypto regulation in the United States with the U. S. CFTC and the SEC.

Industry Leaders Applaud FIT21’s Passage

Prominent figures in the crypto industry, including Ripple CEO Brad Garlinghouse and Cardano founder Charles Hoskinson, celebrated the bill’s approval. Hoskinson praised the 71 Democrats who supported the bill, referring to them as “71 good Democrats” in an X post. 

Garlinghouse criticized SEC Chair Gary Gensler, calling him a political liability to the Biden administration. He attributed the Democrats’ support to Gensler’s stance, which he believes motivated the cross-party backing.

Well, this certainly HAS aged well!

Today, more than ever, we are seeing what a political liability Gensler has been to the Biden administration.

It's the reason we saw 71 Dems cross the aisle and support FIT21.

We are just getting started! https://t.co/Ff6x78mgax

— Brad Garlinghouse (@bgarlinghouse) May 22, 2024

Gensler’s Opposition and Potential Senate Hurdles

Gensler has criticized FIT21, claiming that it may expose investors to financial risk. His comments echo larger concerns among some legislators. Following its approval in the House, the measure now moves on to the Senate. The Senate’s reaction to FIT21 is unpredictable, owing to the lack of a parallel measure and anticipated pushback from prominent crypto critics like Elizabeth Warren.

To pass in the Senate, FIT21 needs at least 51 votes. Any adjustments made by the Senate would necessitate a reconciliation process with the House. There is no specified timeframe for the Senate vote. If the Senate approves the bill, it will go to President Joe Biden, who will have ten days to sign or veto it. If vetoed, Congress can override the veto with a two-thirds majority in both chambers.

The Road Ahead for FIT21

FIT21’s journey highlights the changing crypto regulation in the U.S. The bill’s passage in the House marks a significant step towards regulatory clarity. However, the Senate’s approval remains a critical hurdle. The bipartisan support in the House reflects a growing recognition of the need for clear and consistent crypto regulations.

Moreover, the Senate’s outcome will impact the future of crypto regulation in the U.S. As the debate continues, industry leaders and lawmakers will play crucial roles in shaping the regulatory environment for digital assets.

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