### Report
Congressmen Patrick McHenry, Tom Emmer and Senator Ron Wyden weighed in on the Financial Innovation and Technology for the 21st Century (FIT21) Act during their various sessions last week.
### Why is it important
A major topic of discussion was the House's passage of the 21st Century Financial Innovation and Technology Act last month. This is a market structures bill that, if signed into law, would significantly reshape the regulatory frameworks governing cryptocurrency businesses and activities in the United States. However, the chances of any bill passing in the Senate are slim.
### Break it
Moving a bill through the Senate is a complicated process. As CoinDesk previously reported, the Senate may want to start from scratch on the market structures bill, meaning it would have to go through a full committee process.
Even if the current version of the bill makes it to the floor, the Senate could still change provisions or other aspects of the bill, Sen. Tom Emmer (R-Minn.) said last week. In that case, the bill will return to the House.
“Right now, my best bet is that if we get this done this year, there will more than likely be a lame duck situation when the dust settles and everyone wearing their jerseys is now realized we had to move on,” he said.
Rep. Patrick McHenry (RN.C.), chairman of the Financial Services Committee, said he hopes the legislation will be signed within the next year, pointing to the sheer amount of support FIT21 received (279 votes in favor ).
“The fact that the White House did not issue a veto threat on FIT21 is helpful and good, it shows that they want to be part of the discussion and make policy here,” he said. The Senate is a more complicated beast. Always that."
The next step for the bill's proponents, he said, is to contact Senators about the legislation.
“If we can get two-thirds of the House to vote for this bill, then they should be able to get two-thirds of the Senate to vote for this bill or something very similar,” he said.
Sen. Ron Wyden (D-Ore.), one of the Democratic lawmakers who voted to overturn the Security and Exchange Commission's Staff Accounting Bulletin 121, said of FIT21 that “what you do the need is a legal framework”.
“That's what Chairman McHenry is trying to do,” he said. "You need to be tough on scammers and con artists."
“It's unclear how far that bill would go, but I think Chairman McHenry is right to establish a kind of regulatory framework and a stronger focus on fighting fraud and scammers,” he added. .
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