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: 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.