Top crypto executives, including Ripple CEO Brad Garlinghouse and Cardano founder Charles Hoskinson, reacts to the passage of the pro-crypto FIT21 bill by the U.S. House of Reps.
The United States made significant progress towards providing clear regulations for the country’s crypto industry after the House of Reps passed a pro-crypto bill.
Dubbed the Financial Innovation and Technology for the 21st Century Act (FIT21), the House passed the bill after 279 rep members supported it, surpassing the 136 votes against it.
Interestingly, 71 out of 279 votes came from Democrats, including the Speaker of the House Nancy Pelosi (D-Ca 11th District).
The bill aims to give the U.S. CFTC a split control in regulating the crypto industry alongside the SEC.
Cardano Founder and Ripple CEO React
Expectedly, top industry stakeholders, including Ripple CEO Brad Garlinghouse and Cardano founder Charles Hoskinson, have celebrated the passage of FIT21, focusing on the 71 Democrats who supported its approval.
In an X post yesterday, Hoskinson called attention to a list of Democrats who voted in favor of the bill, referring to them as “71 good Democrats.”
71 good democrats https://t.co/k69JnTo0xm
— Charles Hoskinson (@IOHK_Charles) May 22, 2024
Additionally, Ripple CEO took a swipe at SEC Chair Gary Gensler for being a political liability to the Biden administration. Garlinghouse also blamed Gensler for being the reason why 71 Democrats crossed party lines to support the FIT21 bill.
“We are just getting started!” he echoed.
Well, this certainly HAS aged well!
Today, more than ever, we are seeing what a political liability Gensler has been to the Biden administration.
It's the reason we saw 71 Dems cross the aisle and support FIT21.
We are just getting started! https://t.co/Ff6x78mgax
— Brad Garlinghouse (@bgarlinghouse) May 22, 2024
As reported earlier this week, Gensler opposed the bill, highlighting concerns that its approval could expose investors to financial risks.
What’s Next For FIT21?
Following the House’s passage of FIT21, the bill is now headed to the U.S. Senate. FIT21’s passage in the 100-member Senate is currently uncertain due to the absence of a counterpart bill and the fact that it could face stern opposition from prominent crypto critics like Elizabeth Warren.
The bill would require at least 51 senators to vote in its favor for it to pass in the Senate. Should there be any adjustment in the bill, both the Senate and House members will meet to reconcile any differences before it proceeds to another round of final approval. There is no time constraint on when the Senate is required to vote on the bill. However, if the Senate approves FIT21, the bill will be forwarded to President Joe Biden, who will be given ten days to sign it into law or veto it.
If Biden vetoes FIT21, the House of Reps and Senate can still override his veto by re-passing it through both chambers with at least two-thirds of the majority vote.
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