U.S. House Democrats Push for Support on Crypto Bill Amid Divided Views

Several U.S. House Democrats are rallying for backing on the FIT21 bill that seeks to revamp cryptocurrency regulations, promote consumer safeguards, and tackle illicit finance. Despite bipartisan backing in the House, uncertainties loom over the bill's future in the Senate.

Amidst divided opinions, the White House and SEC Chair challenge the bill, citing concerns over consumer and investor protections, while some Democrats, including Nancy Pelosi, mull over supporting the Republican-led legislation. SEC Chair Gensler criticizes the FIT21 bill, warning that it could weaken oversight on crypto and capital markets, although the White House has decided not to veto the bill, signaling potential collaboration with Congress on a robust regulatory framework for digital assets.