The House majority whip and crypto advocate thinks the FIT21 may pass in the current Congressional session.
Cryptocurrency is not a partisan issue, but rather a question of supporting the administrative state or the individual. Both political parties are moving toward supporting crypto, although one is moving faster than the other, United States Congressman Tom Emmer said.
Speaking at the 2024 Consensus event, Emmer pointed to Senate majority leader Chuck Schumer’s support, along with 70 other Democrats, for the resolution to overturn the Securities and Exchange Commission’s (SEC) controversial SAB 121 crypto rule as a sign “the star […] may be fading” for crypto opponent Sen. Elizabeth Warren, SEC Chair Gary Gensler and the White House itself. Emmer repeatedly complained that Warren “drives a lot of decisions in the White House.”
Schumer might introduce the crypto-friendly Financial Innovation and Technology for the 21st Century Act (FIT21) into the Senate, Emmer said. That bill passed in the House of Representatives on May 22. The problem is that the Senate could make changes to the bill and send it back to the House. Otherwise, it is more likely to pass during the lame duck session, after the next elections but before newly elected legislators are seated.
