PANews reported on May 23 that according to Cointelgraph, the "21st Century Financial Innovation and Technology Act" (FIT21, or HR 4763), led by the U.S. Republican Party, was passed in the House of Representatives on May 22 local time. However, it may take several months for the Senate, composed of 100 members, to consider the bill. Some parts of FIT21 may change, and the House and Senate members will meet to resolve differences in their respective versions of the bill before it can receive final approval. Afterward, President Biden will have ten days to sign or veto it. Even if Biden vetoes the bill, the House and Senate can return it to both chambers with at least a two-thirds majority vote, thereby overriding Biden's veto.
Previously, on May 22, U.S. Securities and Exchange Commission Chairman Gary Gensler publicly opposed the FIT21 bill, stating that it creates "new regulatory gaps" and threatens the stability of the capital markets.