ChainCatcher news, according to Cointelgraph, the "Financial Innovation and Technology Act of the 21st Century" (FIT21, or HR 4763), led by the Republican Party, was passed in the House of Representatives on May 22 local time.The Senate, composed of 100 members, may take several months to consider the bill, and parts of FIT21 may change. The House and Senate members will meet to resolve the differences in their respective versions of the bill before final approval. After that, U.S. President Biden will have ten days to sign or veto it. Even if Biden vetoes the bill, the House and Senate can reintroduce it with at least a two-thirds majority vote in both chambers, thereby overriding Biden's veto.Previous news reported that the U.S. House of Representatives passed the "Financial Innovation and Technology Act of the 21st Century" (FIT21) with a vote of 279 to 136, with strong performance from House Democrats. The passage of the cryptocurrency market structure bill marks the industry's most significant legislative achievement in Congress.

ChainCatcher News: The U.S. House of Representatives passed the Financial Innovation and Technology Act of the 21st Century (FIT21) with a vote of 279 to 136. House Democrats showed strong support, and the passage of the cryptocurrency market structure bill marks the industry's most significant legislative achievement in Congress.The U.S. is lagging behind other jurisdictions globally in developing cryptocurrency regulations. Although the House passed the FIT21 cryptocurrency bill, the implementation of such regulations is far from complete.

ChainCatcher news, Politico reporter Eleanor Mueller stated on the X platform: "As far as I know, the House Democratic leaders today indicated that they will not force House Republican members to oppose the cryptocurrency bill. The 'urge to vote' email sent to members this morning pointed out that Representatives Maxine Waters and David Scott 'strongly oppose' the bill, but did not urge them to vote 'no'. Waters and Scott also just sent a letter to their colleagues regarding the bill: it links to a fact sheet warning that implementing a 'more lenient regulatory regime' under the Commodity Futures Trading Commission (CFTC) and the existing 'huge loopholes' could lead to some areas having 'no major regulatory body'."According to the documents shared by Mueller, the aforementioned cryptocurrency bill refers to the "Financial Innovation and Technology for the 21st Century Act" (FIT21), which will be voted on in the U.S. House of Representatives this week.

ChainCatcher news, according to Bitcoin Magazine, U.S. Congressman Emmer revealed that House Republicans will pass his proposed anti-CBDC bill this week. Emmer stated, "The concept of central bank digital currency is not only alarming, it is downright contrary to the spirit of America."