Parts of FIT21 may change and need to be approved by the U.S. Senate, after which Biden will have ten days to sign or veto it

PANews reported on May 23 that according to Cointelgraph, the 21st Century Financial Innovation and Technology Act (FIT21, HR 4763), led by the US Republican Party, was passed by the House of Representatives on May 22, local time. However, the 100-member Senate may need several months to consider the bill, and some of the contents of FIT21 may change. Members of the House of Representatives and the Senate will meet to resolve the differences in their respective versions of the bill before final approval. After that, US President Biden will have ten days to sign or veto it. Even if Biden vetoes the bill, the House of Representatives and the Senate can return it to the two houses with at least a two-thirds majority vote, thereby overturning Biden's veto. Earlier, Gary Gensler, chairman of the US Securities and Exchange Commission, publicly opposed the FIT21 bill on May 22, saying it created a "new regulatory gap" and threatened the stability of the capital market.