Crypto Bill Faces Challenges in Senate; House Whip Sees "Lame Duck" Session as Last Hope

Despite recent bipartisan support for crypto legislation in the U.S. House of Representatives, including the Financial Innovation and Technology for the 21st Century Act (FIT21), major legislation faces a roadblock in the Senate. House Majority Whip Tom Emmer (R-Minn.) acknowledged that the Senate will likely want to make changes to FIT21, which would require another vote in the House. Emmer believes the best chance for crypto legislation this year is during the lame-duck session, after the election and before the new session begins. He noted that Democrats have shown significant support for crypto measures, even opposing President Biden's stance. Despite these positive signs, Emmer cautioned that the Senate's involvement and the potential influence of anti-crypto figures like Sen. Elizabeth Warren (D-Mass.) and SEC Chair Gary Gensler could still pose challenges.