A bill clarifying the U.S. Securities and Commodities Regulator's role in overseeing cryptocurrencies is heading into the uncertain future before heading to the Senate. The Republican-led Financial Innovation and Technology for the 21st Century Act (FIT21), or H.R. 4763 passed the House of Representatives on May 22, with 71 Democrats and 208 Republicans in favor and 136 against. However, his future in the Senate is uncertain.

It could be months before FIT21 is taken up in the Senate, and Senators have no time limit on acting on it. If so, the bill would likely be assigned to a committee for reviews, hearings and revisions. If it passes this stage, a majority of 51 senators must vote in favor for it to pass.

Parts of FIT21 may change, and members of the House and Senate will meet to iron out differences between their versions of the bill. The bill then passes the House of Representatives and the Senate for final approval.

Biden will have ten days to sign or veto FIT21. However, his administration said on May 22 that it opposed the bill's passage, but did not say it would veto it.

FIT21 largely hands control of cryptocurrencies to the Commodity Futures Trading Commission, which the industry sees as a more relaxed regulator than its securities-regulating counterpart.

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