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<ul>
 <li>US House passes FIT21 for crypto regulation, bipartisan support signals industry momentum.</li>
 <li>FIT21 faces tough Senate scrutiny amid concerns from SEC and White House.</li>
 <li>Uncertain future for FIT21 as negotiations will shape US crypto regulation landscape.</li>
</ul>
<p>With a vote of 279 to 136, the <a href="https://www.congress.gov/bill/118th-congress/house-bill/4763" target="_blank" rel="noopener noreferrer nofollow">Financial Innovation and Technology for the 21st Century Act (FIT21)</a> has been passed by the US House of Representatives. Significant for the bitcoin industry, this bill seeks to establish a US legal framework for digital assets. The measure’s bipartisan character was demonstrated by the surprising backing given by former House Speaker Nancy Pelosi, who joined forces with 208 Republicans.</p>
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   <p lang="en" dir="ltr">*U.S. HOUSE PASSES REPUBLICAN-BACKED 'FIT21' CRYPTO BILL DESPITE WARNINGS FROM SEC<br><br><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f1fa-1f1f8.png" alt="🇺🇸" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f1fa-1f1f8.png" alt="🇺🇸" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/sIBWlopOq1" rel="noopener noreferrer nofollow">pic.twitter.com/sIBWlopOq1</a></p>— Investing.com (@Investingcom) <a href="https://twitter.com/Investingcom/status/1793531817469063518?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 23, 2024</a>
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<p>Still, FIT21’s adventure is far from done. In the Senate, where cryptocurrency legislation is still mostly uncharted ground, it now confronts a more difficult task. It will be challenging to convince the Senate and the Biden administration to support the bill, regardless of whether the House has <a href="https://cryptonewsland.com/us-house-democrats-not-whipped-on-crucial-crypto-legislation/" target="_blank" rel="noopener noreferrer nofollow">moved toward crypto-friendly measures.</a></p>
<p>Both the White House and the SEC have expressed reservations with FIT21. Chair Gary Gensler of the SEC has <a href="https://cryptonewsland.com/secs-chair-gary-gensler-opposes-fit21-bill-for-weakening-securities-laws/" target="_blank" rel="noopener noreferrer nofollow">voiced his concern</a> that the bill does not adequately safeguard consumers and has pushed for the application of existing regulations to the bitcoin business.</p>
<p>Similar to this, the White House has urged a more all-encompassing <a href="https://www.binance.com/en-AE/square/post/8446319821498" target="_blank" rel="noopener noreferrer nofollow">strategy</a>, stressing the need of a foundation based on current authorities. Still, the approval of FIT21 marks a dramatic change in the direction of US crypto law. The sector has hampered innovation and investor trust for years by operating in a legal murky area. FIT21 proponents think it will provide much-needed clarity and let companies function more confidently.</p>
<p>Regulators, however, continue to be wary. Shielding customers from the inherent dangers of cryptocurrencies, like volatility and possible frauds, is their main concern. They contend that fighting money laundering and other illegal activity requires a stronger regulatory structure.</p>
<p>As FIT21 moves to the Senate, its future is in jeopardy. The law may be drastically changed by amendments, which might include tougher consumer protections or even its total rejection.&nbsp;</p>
<p>The ultimate form of cryptocurrency legislation in the US will be shaped in large part by negotiations involving politicians, regulators, and the White House. There will be a lot of discussion and maybe compromise in the next months, which will have a significant impact on investors, companies, and the future of financial systems globally.&nbsp;</p>
<h4 class="wp-block-heading" id="h-read-also">Read Also</h4>
<ul class="wp-block-yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/us-house-of-representatives-approve-fit21-bill-with-strong-bipartisan-support/" rel="noopener noreferrer nofollow">US House of Representatives Approve FIT21 Bill with Strong Bipartisan Support</a></li>
 <li><a href="https://cryptonewsland.com/secs-chair-gary-gensler-opposes-fit21-bill-for-weakening-securities-laws/" rel="noopener noreferrer nofollow">SEC’s Chair Gary Gensler Opposes FIT21 Bill for Weakening Securities Laws</a></li>
 <li><a href="https://cryptonewsland.com/us-house-democrats-not-whipped-on-crucial-crypto-legislation/" rel="noopener noreferrer nofollow">US House Democrats Not Whipped on Crucial Crypto Legislation</a></li>
 <li><a href="https://cryptonewsland.com/pro-bitcoin-candidate-ted-budd-wins-the-u-s-senate-race/" rel="noopener noreferrer nofollow">Pro-Bitcoin Candidate Ted Budd wins the U.S. Senate race</a></li>
 <li><a href="https://cryptonewsland.com/usa-makes-history-wall-street-house-of-representatives-and-the-senate-wants-bitcoin-btc-will-joe-biden-veto-the-nations-vote/" rel="noopener noreferrer nofollow">USA Makes History: Wall Street, House of Representatives, and the Senate Wants Bitcoin (BTC), Will Joe Biden Veto the Nation’s Vote?</a></li>
</ul>
<p>The post <a href="https://cryptonewsland.com/crypto-clarity-or-chaos-house-passes-fit21-but-senate-showdown-looms/" rel="noopener noreferrer nofollow">Crypto Clarity or Chaos: House Passes FIT21 but Senate Showdown Looms</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Crypto Clarity or Chaos: House Passes FIT21 but Senate Showdown Looms

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