FIT21 Poised for Passage, According to US House Lawmaker

IconCryptoNewsTerminal Staff30 May, 2024

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FIT21 Poised for Passage, According to US House Lawmaker

US Representative Tom Emmer, a staunch supporter of cryptocurrency, shared his optimism about the passage of the Financial Innovation and Technology Act of the 21st Century (FIT21) during a conference. Emmer stated that there was a "fair shot" at getting the bill through Congress during the current session, with potential support from Senate Majority Leader Chuck Schumer. However, he raised the possibility of amendments in the Senate, which could result in the bill being returned to the House. If FIT21 is not passed during the current session, Emmer believes it is likely to be passed during the lame-duck session after the election but before new members are inaugurated. Representative Patrick McHenry, Chairman of the US House Financial Services Committee, also expressed his confidence in the passage of FIT21, stating that it is a "done deal" and that the administration would be unwise to ignore it. FIT21 aims to provide a comprehensive regulatory framework for digital assets and has garnered support from industry leaders. Its passage would represent a significant step towards establishing clear rules for the cryptocurrency sector.

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