Last week, the US House passed its first-ever crypto-focused bill in a full floor vote, but what's next on the agenda?

With the 2024 election approaching, crypto-focused legislation is progressing through the US House, though obstacles remain in the Senate.

House members approved joint resolution 109 last week, which would nullify the Securities and Exchange Commission’s Staff Accounting Bulletin (SAB) 121, with a 228-182 vote. This marks the first time a crypto bill has been passed by the House in a floor vote.

The resolution now heads to the Senate, where its passage is doubtful due to the Democrat majority, although 21 Democrats in the House voted in favor of it. If the Senate does approve the legislation, the Biden administration has indicated the president will veto it. The White House stated last week that restricting the SEC's ability to regulate crypto assets comprehensively would cause significant financial instability and market uncertainty.

While the House has passed several crypto bills out of Committee, most have not been brought to the floor for a full vote. The Blockchain Regulatory Certainty Act, the Clarity for Payment Stablecoins Act, the Keep Your Coins Act, and the Financial Technology Protection Act have all survived markup but haven't been scheduled for a floor vote.

The Financial Innovation and Technology for the 21st Century Act, or the FIT Act, advanced to the House Committee on Rules last week and is expected to be scheduled for a floor vote later this month, according to House Financial Services Committee Chairman Patrick McHenry, R-N.C.

In the Senate, crypto-related bills, even those with bipartisan support, have struggled to gain the attention of committee heads, who would need to include them in their agendas.

The Digital Asset Anti-Money Laundering Act, supported by Elizabeth Warren, D-Mass., Roger Marshall, R-Kan., Joe Manchin, D-W.V., and Lindsey Graham, R-S.C., has been discussed in several Senate Banking Committee hearings but has not been voted on or marked up.

"At the end of the day, Elizabeth Warren has a lot of power right now in the Biden administration, she’s got a lot of influence over who the appointees are," said Blockchain Association CEO Kristin Smith last month at a Brown Rudnick event in New York. "But she hasn’t always been influential in actually getting legislation passed."

Senators Cynthia Lummis, R-Wyo., and Kristen Gillibrand, D-N.Y., reintroduced a revised version of their Responsible Financial Innovation Act to the Senate floor last summer, but the bill has not advanced.

The Senate received joint resolution 109 last week but has not scheduled a vote. Both the Senate and House are scheduled to recess from May 24 until June 3.