From Nasdaq: 2024-05-23 10:06:24

The House approved the FIT21 bill, aimed at clarifying crypto regulation, but its fate in the Senate is uncertain. Despite bipartisan support in the House, the bill faces challenges from Senator Elizabeth Warren and President Biden, who has expressed concerns about consumer protections. Regulatory hurdles and political battles lie ahead.

SEC Chair Gensler criticizes FIT21, citing new regulatory gaps, while Coinbase CEO Brian Armstrong sees it as a win for clear crypto rules. Yet, concerns remain about the SEC’s power over non-decentralized coins and the dual regulatory regime between the SEC and CFTC. The industry remains divided on the potential impact of the bill.

With FIT21’s future hanging in the balance, the crypto community awaits the Senate’s decision and potential presidential actions. Whether the bill leads to clearer regulations or falls victim to legislative gridlock is yet to be seen. Stay tuned for updates on this evolving regulatory landscape.

Read more at Nasdaq: FIT21 Passes House: Crypto Bill Faces Senate Showdown