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, at the 2024 Consensus Conference, U.S. Congressman Tom Emmer stated that cryptocurrency is not a partisan issue, but rather a question of supporting the administrative state versus individuals. Although both parties are moving towards supporting cryptocurrency, the pace differs.Emmer mentioned that Senate Majority Leader Chuck Schumer and 70 other Democrats support overturning the SEC's SAB 121 crypto rule, indicating that the opposition from Senator Elizabeth Warren, SEC Chair Gary Gensler, and the White House towards cryptocurrency may be waning. Emmer repeatedly complained about Warren "making a lot of decisions in the White House."Regarding the Financial Innovation and Technology for the 21st Century Act (FIT21), Emmer believes Schumer may introduce this bill in the Senate, which passed the House on May 22. He stated that if the Senate modifies the bill and sends it back to the House, it is more likely to pass during the lame-duck session. (Note: In the U.S., the period after the November presidential and congressional elections and before the newly elected officials are sworn in early the following year is referred to as the lame-duck session.)Emmer also mentioned that the SEC recently approved a spot Ethereum ETF, showing a reversal in the agency's stance, and believes Gensler may be on the verge of stepping down, adding, "One should be very cautious about someone who is cornered."For digital assets, Emmer believes the next ideal step is to launch a globally tradable stablecoin, which would elevate the digital asset space to a whole new level.

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."