FIT21 crypto bill passes US House: Here’s what could happen next

The crypto-regulating bill is headed to a cloudy future in the Senate with no companion bill and faces one of the country’s most prominent crypto critics.

A bill clarifying the United States securities and commodities regulator’s roles in policing crypto is headed to an unknown future as it makes its way to the Senate before hitting U.S. President Joe Biden’s desk.

The Republican-led Financial Innovation and Technology for the 21st Century Act (FIT21), or H.R. 4763, passed the House on May 22 with 71 Democrats and 208 Republicans in favor and 136 against.

However, its future in the Senate is unclear with no companion bill and going up against one of the country’s biggest crypto critics, Elizabeth Warren. The same Senate passed a resolution last week calling to kill a rule restricting banks and crypto firms from doing business, however.

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