Last night, the US House of Representatives approved the “cryptocurrency” bill HR 4763 (FIT21). They wrote about it in more detail the day before yesterday, and earlier back in 2023.

This is the very document called the 21st Century Financial Innovation and Technology Act. Which Gary Gensler openly opposed before the vote. And which, in its current version, is not supported, but will not be vetoed by President Biden.

As a result, 71 Democrats voted for the bill, including (!) the stock market lover, former Speaker of the House of Representatives Nancy Pelosi from California. A total of 279 legislators voted in favor and 136 voted against. This is bipartisan support in the House. Next is the Senate. Where do the Democrats have the majority?

Let us recall that FIT21 will provide more powers in regulating the crypto market to the US Commodity Futures Trading Commission (CFTC). Not the US Securities and Exchange Commission (SEC). The main provisions of the law will allow cryptocurrency to be traded on exchanges, even if it was “originally sold as part of an investment contract.” That's why Gensler is against it.

The document will now be considered by the Senate. But it is already clear that the Democrats’ goal is not to fail the document. And accept it with some changes. Which won't make things any easier for Gensler. The head of the SEC and his interests are being sent to the slaughter. Due to Biden's need to fight for the votes of cryptocurrency holders.

Even the arguments of Congressman Brad Sherman did not help. "Brothers in Mind" by Senator Elizabeth Warren. Together they like to tell that it is cryptocurrencies that make it possible to traffic children, for example. Transparent cryptocurrency thanks to the blockchain, not dirty fiat.

American crypto-maximalists should give Sherman a dictionary after his speech. After all, he stated that “cryptocurrency literally means hidden money.” He should study the meaning of the word crypto.