According to CoinDesk, one of the senior members of the U.S. House of Representatives predicts that the best chance to pass major cryptocurrency legislation this year may be in an emergency moment at the end of the congressional session. Republican Emmer pointed out that despite the recent strong support for cryptocurrency measures in Congress, he believes that the U.S. Senate may still have a lot of work to do. Despite the cryptocurrency industry's recent high-profile victories in Congress, major legislation faces huge practical obstacles in the Senate. Emmer said at CoinDesk's Consensus 2024 event that if the House-approved 21st Century Financial Innovation and Technology Act (FIT21) has a chance, it "may be more likely during the temporary session." He pointed out that FIT21 has strong support in the House and is now pending in the Senate. If lawmakers there really take over or do serious work on similar bills, then the effort will need to be reviewed again in the House. Emmer said, "They will want to change it, which means it will go back to the House." Despite President Biden's opposition, 71 Democrats voted in favor of FIT21, the first comprehensive digital asset legislation approved in both houses of Congress, including former House Speaker Nancy Pelosi. Emmer said that for such cryptocurrency issues, "there is a lot of goodwill under the surface." He warned, "I would be very careful with an animal that was backed into a corner."
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