ChainCatcher news, according to The Block, the new Congress is expected to be the most supportive of cryptocurrency. The chairman of the House Financial Services Committee will be led by French Hill, who has been involved in the drafting of several crypto-related bills, including legislation regulating stablecoins and the market structure bill FIT21.Hill stated that if the FIT21 and stablecoin bills do not pass during the "lame duck" session, these two bills will become his top priority in the 119th Congress.Ron Hammond, the director of government relations at the Blockchain Association, said, "Legislators will need about three to four months to acclimate, but after that, they are likely to get to work quickly. We will see many of the bills we are very familiar with being reintroduced."

ChainCatcher news, the latest research report from blockchain infrastructure company Blockdaemon points out that as the 2024 U.S. presidential election approaches, the regulatory landscape for digital assets is expected to make significant progress in 2025. The report indicates that two key regulatory policies are currently in the legislative process: the proposal to repeal SAB 121 and the landmark "21st Century Financial Innovation and Technology Act" (FIT21).Among them, the FIT21 bill was passed in the House of Representatives in May 2024 with bipartisan support. The core content of the bill includes clearly defining the regulatory boundaries between the SEC and CFTC, establishing standards for identifying the commodity and security attributes of digital assets, and creating a legal framework for financial institutions to conduct digital asset custody services.Blockdaemon predicts that with strong bipartisan support, the FIT21 bill is expected to pass the Senate in 2025 and ultimately be signed into law, which will enable the U.S. to play a leading role in balancing innovation and consumer risk.

ChainCatcher news, investment bank TD Cowen calls for more realistic expectations regarding the passage of cryptocurrency legislation in the U.S. next year.TD Cowen stated: "The risk of a political deadlock for the cryptocurrency market structure bill FIT21 and the Senate Agriculture Committee bill is increasing. We believe optimism is misplaced, as we see the voting prospects for both bills declining this year. Furthermore, the risk of the bills becoming politically stuck next year is growing, regardless of the elections, and we remain skeptical about next year."

ChainCatcher news, according to The Block, U.S. Senator Dick Durbin from Illinois stated during a Senate Appropriations Subcommittee hearing on Thursday that after the House of Representatives passes the FIT21 bill, it will grant the Commodity Futures Trading Commission (CFTC) more power and funding to regulate cryptocurrencies, while some lawmakers are concerned that the responsibilities "far exceed their capabilities."Durbin asked CFTC Chairman Rostin Behnam during the hearing: "What exactly makes you think the CFTC can enter this rapidly changing, vast world and be an effective regulator?"Behnam stated that there are regulatory gaps for "non-securities commodity tokens," and the CFTC has done well in taking enforcement actions against cryptocurrency entities.

ChainCatcher news, outgoing Republican Congressman Patrick McHenry stated on social media that the president's veto undermines consumer protections in the digital asset market and disrupts decades-old custody rules. By rejecting the bipartisan consensus reached by Congress, the government is doubling down on its failed practices. Action on the "Financial Innovation and Technology for the 21st Century Act" (FIT21) in the Senate is more urgent than ever.

ChainCatcher news, outgoing Republican Congressman Patrick McHenry is pressuring the Senate to pass the FIT21 cryptocurrency regulation bill before the November presidential election. Patrick McHenry stated that the broad positive vote in the House of Representatives for the FIT21 cryptocurrency regulation bill should serve as a "wake-up call" for the Senate, urging it to pass the bill swiftly.

ChainCatcher news, according to Cointelegraph, CFTC Commissioner Summer Mersinger stated at the Consensus conference that implementing the Financial Innovation and Technology for the 21st Century Act (FIT21) could be a lengthy process, and coordination among U.S. regulators may take months or even years before the rules take effect. "Rulemaking is a slow process; do you think that once the law is signed and the president signs it, everything is fine? That's just the first step. Therefore, it may take some time to develop the rules."

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, according to The Block, Coinbase CEO Brian Armstrong commented on the House vote for the "Financial Innovation and Technology for the 21st Century Act" (FIT21) on the X platform.Armstrong stated that this is a "historic vote," and if passed into law, it will ultimately begin to establish some clear rules to regulate the cryptocurrency industry.He added, "Americans want to know that their representatives are protecting their rights to use cryptocurrency, creating clear rules to protect consumers, and not allowing some activists in the government to weaponize the lack of clarity to try to illegally stifle an industry."

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, according to Watcher.guru, US President Joe Biden has announced that he will not veto the FIT21 crypto bill if it is passed.In addition, the Biden administration issued a statement calling on Congress to collaborate on a "comprehensive and balanced regulatory framework for digital assets."

ChainCatcher news, according to market news, the White House will not issue a veto threat against the FIT21 cryptocurrency bill.

ChainCatcher news, SEC Chairman Gary Gensler stated on Wednesday that the Financial Innovation and Technology for the 21st Century Act (referred to as "FIT 21") will harm investor interests and hinder the work of the SEC.He said, "FIT 21 will create new regulatory gaps, undermining decades of precedent regarding the regulation of investment contracts, exposing investors and capital markets to immeasurable risks."FIT21 is a bill jointly proposed by the House Agriculture Committee and the House Financial Services Committee, aimed at clarifying how the SEC and the Commodity Futures Trading Commission (CFTC) regulate cryptocurrencies. The bill creates the term "digital commodities" for digital assets that do not meet the definition of securities, placing these assets under the jurisdiction of the CFTC.

ChainCatcher news, according to Prospect, sources revealed that former House Speaker Nancy Pelosi is considering supporting a Republican-backed cryptocurrency bill during this week's House vote, namely the "Financial Innovation and Technology for the 21st Century Act" (FIT 21).

ChainCatcher news, according to CoinDesk, the U.S. House of Representatives is set to vote on Wednesday, with expectations that the vote will pass comprehensive cryptocurrency legislation with bipartisan support, as some Democrats are urging their colleagues to vote in favor. A memo shared by congressional aides indicates that at least eight House Democrats publicly support the Financial Innovation and Technology for the 21st Century Act (FIT21). The bill is currently scheduled for full discussion and voting later on Wednesday.The eight lawmakers wrote in an internal memo on Tuesday: "As Democrats, we believe this is an important opportunity to regulate the digital asset market. This should not be a partisan issue."It is reported that the eight lawmakers include Wiley Nickel (Democrat from North Carolina), Yadira Caraveo (Democrat from Colorado), Jim Himes (Democrat from Connecticut), Jasmine Crockett (Democrat from Texas), Ritchie Torres (Democrat from New York), Darren Soto (Democrat from Florida), Josh Gottheimer (Democrat from New Jersey), and Don Davis (Democrat from North Carolina).