Banking Lobby Clash Threatens Key Crypto Market Structure Bill (FIT21) Passage

A crucial cryptocurrency market structure bill, the Financial Innovation and Technology for the 21st Century Act (FIT21), faces significant hurdles just before a potential House vote. Intense opposition from major banking lobby groups, including the American Bankers Association and the Securities Industry and Financial Markets Association, has complicated its path. These groups argue the bill creates regulatory gaps and undermines investor protections. Pro-crypto advocates counter that the legislation is vital for establishing clear U.S. regulatory frameworks for digital assets like Bitcoin (BTC) and Ethereum (ETH), promoting innovation and consumer safety. The last-minute lobbying battle has tarnished the bill's prospects, highlighting the deep divide between traditional finance and the crypto industry over future digital asset regulation.