TechFlow news, according to Cointelegraph, the Financial Innovation and Technology for the 21st Century Act (FIT21, HR 4763), led by Republicans in the U.S. House of Representatives, was passed by the House on May 22 local time.
However, it may take several months before the 100-member Senate considers the bill. Portions of FIT21 could change, as House and Senate lawmakers will meet to resolve differences between their respective versions. The bill will then return to both the House and Senate for final approval. President Biden will have ten days to sign or veto FIT21. Even if Biden vetoes the bill, Congress can override his decision with a two-thirds majority vote in both chambers.
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