FIT21 crypto bill passes US House of Representatives: Here's what could happen next.

A bill clarifying the role of United States securities and commodities regulators in overseeing crypto is heading into an unknown future as it heads to the Senate before heading to US President Joe Biden's desk.

The Republican-led Financial Innovation and Technology for the 21st Century (FIT21) Act, or HR 4763, passed the House on May 22 with 71 Democrats and 208 Republicans in favor and 136 against.

Its future in the Senate is unclear without a companion bill and facing one of the country's biggest crypto critics, Elizabeth Warren. However, the same Senate passed a resolution last week calling for removing rules that restrict banks and crypto companies from doing business.

It will still be months before the 100-member Senate considers FIT21 – there is no timeline for when Senators must act.

Even if they did, the bill would likely go to a committee for another round of possible reviews, hearings, and price increases. If the bill survives, then a majority – 51 senators – would have to vote in favor for the bill to pass.

Portions of FIT21 are subject to change, and members of the House and Senate will meet to resolve differences in their respective versions of the bill. The bill will then be submitted back to the House and Senate for final approval.

President Biden then has ten days to sign or veto FIT21. However, his administration said on May 22 that it opposed passing the bill but did not say it would veto it.

Even if Biden vetoes FIT21, the House and Senate can override it by passing it back to both chambers with at least a two-thirds majority vote.