The Financial Innovation and Technology for the 21st Century Act (FIT21) is encountering obstacles in the legislative process, particularly in the Senate stage post-approval from the House of Representatives. Despite bipartisan backing, experts anticipate setbacks that could postpone the bill's enactment until after November.

Noteworthy discussions at the 2024 Consensus event shed light on the intricate nature of FIT21, prompting suggestions for enhancements to ensure effective implementation. CFTC Commissioner Summer Mersinger has voiced unease about the extensive procedural requirements associated with formulating and executing such vast legislation.

Furthermore, the Biden administration has articulated concerns about potential risks linked to regulatory loopholes within FIT21 that may disrupt market efficiency. SEC Commissioner Hester Peirce has echoed similar sentiments, stressing the urgency for legislative clarity and openly criticizing certain past actions of the SEC within the cryptocurrency domain.

Amidst ongoing dialogues on cryptocurrency regulation, uncertainties loom over the future trajectory of FIT21, particularly in the Senate where demands for transparent regulations and strengthened oversight could influence its course.