2024

Biden

Summer

Passage

The Financial Innovation and Technology for the 21st Century Act (FIT21) has run into challenges with its passage through Congress. It is still hailed as a bill that enjoys bipartisan support and has passed the House of Representatives, but analysts also believe that it will face difficulties on the way to the Senate that can lead to a postponement of the bill’s passing until after November. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Gathering from legislators/lawyers/lobbyists at Consensus that FIT21 is unlikely to pass in the Senate before the Nov election. However, they’ve also noted the emerging bipartisan momentum in Congress for crypto is real and here to stay independent of the next administration.…— Juan Leon (@singularity7x) <a href="https://twitter.com/singularity7x/status/1796249751802855454?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">May 30, 2024</a>
 </blockquote> 
 </div>
</figure> 
The complexity of the proposed FIT21 was also highlighted at the 2024 Consensus event whereby people recommended more improvements if it is to be implemented properly. CFTC Commissioner Summer Mersinger expressed some concern with the long process of creating and implementing vast legislation. 
The Biden administration has also expressed concerns over possible risks the bill entails regarding regulatory loopholes that can harm market efficiency. The same sentiments were voiced by SEC Commissioner Hester Peirce, who hence underlined the need for legislative clarity and openly voiced her discontent with some previous actions of the SEC in the cryptocurrency space. 
Amid continuing discussions on cryptocurrency regulation, the future of FIT21 remains unknown, as its path through the Senate remains unclear following demands for clearer norms as well as strengthened control. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/05/30/musk-and-trump-discuss-crypto-policy-amid-campaign-trails/" target="_blank" rel="noreferrer noopener">Musk and Trump Discuss Crypto Policy Amid Campaign Trails</a> 
</blockquote>

Senate Unlikely to Pass FIT21 Before November Election

The Crypto Times

Outros artigos publicados em 31 de mai. de 2024

Polkadot and Avalanche Bore Investors; Fall Behind the Stirring Qubetics Whitelist

DMM Bitcoin Loses $305 Million Worth of BTC in a Hack: Here’s the Impact on BTC Prices

Shiba Inu Coin: Over 4 Tln SHIB Transferred To Exchanges, Price At Risk?

Ethereum ETF Issuers’ Amended S-1 Forms Deadline Is Today

Ripple CTO Provides "Absolute Proof" He Is Not Satoshi

BREAKING: Surprise Decision on UniSwap (UNI) For the Expected Big Change

Join our free newsletter for daily crypto updates!