Parts of FIT21 may change and need to be approved by the U.S. Senate, after which Biden will have ten days to sign or veto it

The 21st Century Financial Innovation and Technology Act (FIT21, HR 4763), led by the US Republican Party, was passed by the House of Representatives on May 22, local time. However, it may take several months for the 100-member Senate to consider the bill. Some of the content of FIT21 may change. Members of the House and Senate will meet to resolve the differences in their respective versions of the bill before final approval, after which US President Biden will have ten days to sign or veto it. Even if Biden vetoes the bill at that time, the House and Senate can return it to the two houses with at least a two-thirds majority vote, thereby overturning Biden's veto. (Cointelgraph) Earlier, Gary Gensler, chairman of the US SEC, said on Wednesday that the 21st Century Financial Innovation and Technology Act (FIT 21) would harm investors and hinder the work of the SEC.