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, Coinbase founder Brian Armstrong stated on social media that in the past 48 hours, he met with a dozen Democratic and Republican senators in Washington D.C. to discuss establishing clear rules for the cryptocurrency industry and providing consumer protection for cryptocurrency users. With the FIT21 bill passing in the House of Representatives, there is now strong momentum from both parties in the Senate to get this done.Brian Armstrong expressed that he is pleased to see the voices of cryptocurrency voters are having an impact on legislation.

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, 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, Uniswap founder Hayden Adams tweeted that the U.S. House of Representatives plans to vote on the FIT21 bill this week, a bipartisan bill aimed at regulating CeFi to prevent another FTX. The bill's stance on DeFi is that "in terms of decentralized finance, no one is bound by this act," while also proposing research on DeFi, similar to Europe's study on MiCA. Congress acknowledges the essential differences between CeFi and DeFi, which need to be studied and treated differently; this is a significant development and a clear step in the right direction for the U.S.

ChainCatcher News, the U.S. House of Representatives is set to vote on the "Financial Innovation and Technology for the 21st Century Act" (FIT21 Act) next week. Approximately 50 digital asset organizations and companies, including Coinbase, Kraken, Andreessen Horowitz, DCG, and others, have sent a letter to House Speaker Mike Johnson through the Cryptocurrency Innovation Committee, urging the smooth passage of the bill.The letter states: "By passing this legislation, the United States can accelerate the development of blockchain technology and digital assets, promote financial inclusion, and protect national security, which is crucial for maintaining America's leading position in financial innovation."