FIT21 has hit a major milestone with the House clearing it to advance, positioning it for consideration by the Senate and the President to become law. This development brings optimism and clarity to the crypto market. However, President Biden's opposition indicates he may not sign it, and Gary Gensler, who has spent a decade promoting crypto market growth, also voiced his resistance.

If enacted, the Financial Innovation and Technology for the 21st Century Act (FIT21) would establish the first comprehensive regulatory framework for cryptocurrencies in the U.S. Analysts praise the bill for providing clear guidelines on cryptocurrency issuance, disclosures, and trading practices, addressing various questions about the crypto market's operations.

The legislation passed with a 279-136 vote. Supporters highlighted the urgent need for regulatory guidance and commended the bill's bipartisan and well-considered approach.

This development follows Donald Trump's comments suggesting the current administration lacks understanding of cryptocurrencies. During an event for Trump NFT holders, he even welcomed Bitcoin and other tokens as campaign donations.

Crypto enthusiasts will scrutinize the political implications and any flaws in the bill. Meanwhile, the market will await the outcome, with the legislation offering much-needed clarity on trades, purchases, and issuance, and giving the SEC and CFTC nearly equal roles in market regulation.

Currently, there's no immediate impact on BTC and ETH. BTC has dropped 3.195% in the last 24 hours, sitting at $67,281.52, but it is expected to reach $84,000 soon. ETH is down 3.12%, possibly due to ETF approval speculation.

Positive sentiment surrounds the potential approval of an ETH ETF, which would be the second after Bitcoin. FIT21 could expedite such developments, potentially aiding the approval process for other tokens like Solana, which currently lacks a futures contract needed for ETF approval.