Here’s what happened in crypto today
The United States House of Representatives has passed a crypto bill that could put more crypto under the purview of the commodities regulator, despite President Joe Biden and SEC Chair Gary Gensler publicly opposing FIT21 on May 22. Meanwhile, all eyes are on the approval of a spot Ether ETF after VanEck’s ETF was listed by the Depository Trust and Clearing Corporation under the ticker symbol “ETHV.”
FIT21 crypto bill passes US House: Here’s what could happen next
A bill clarifying the United States securities and commodities regulator’s roles in policing crypto is headed to an unknown future as it makes its way to the Senate before hitting U.S. President Joe Biden’s desk.
The Republican-led Financial Innovation and Technology for the 21st Century Act (FIT21), or H.R. 4763, passed the House on May 22 with 71 Democrats and 208 Republicans in favor and 136 against.
Its future in the Senate is unclear with no companion bill and going up against one of the country’s biggest crypto critics, Elizabeth Warren. 
It could still be months until the 100-member Senate considers FIT21 — there’s no time constraint on when Senators must act on it.
Even if they do, the bill would likely be assigned to a committee for possible rounds of reviews, hearings and markups. If it survives that, then a majority — 51 senators — must vote in favor for it to pass.
Parts of FIT21 could change, and House and Senate members will meet to iron out any differences in their respective versions of the bill. The bill will then go back through the House and Senate for final approval.
President Biden will then have ten days to sign or veto FIT21. However, his administration said on May 22 that it opposed passage of the bill but didn’t say he would veto it.
White House, SEC chair oppose crypto legislation
President Joe Biden and SEC Chair Gary Gensler have released statements opposing a critical piece of legislation that could impact the regulation of cryptocurrencies in the United States.
On May 22, the White House released a notice outlining the president’s opposition to the Financial Innovation and Technology for the 21st Century (FIT21) Act, claiming it “lacks sufficient protections for consumers and investors who engage in certain digital asset transactions.” Shortly thereafter, SEC Chair Gensler released a statement claiming that the bill would "create new regulatory gaps" that could undermine the stability of the financial system.
In his statement, Gensler cited a report from Chainalysis showing that “widespread noncompliance” from crypto firms has resulted in large-scale fraud and bankruptcies. Interestingly, the same report showed that revenue from fraud was “down big” in 2023.
"The crypto industry’s record of failures, frauds, and bankruptcies is not because we don’t have rules or because the rules are unclear," Gensler said
Ethereum ETF confirmed? VanEck spot Ether ETF listed by DTCC
Amid increasing speculation about the possible approval of a spot Ether exchange-traded fund (ETF) in the United States on May 23, global investment manager VanEck’s ETF has been listed by the Depository Trust and Clearing Corporation (DTCC) under the ticker symbol “ETHV.”
The DTCC is an American financial market infrastructure provider that offers clearing, settlement and transaction reporting services to financial market players. A listing on DTCC is considered a crucial step before final approval from the U.S. Securities and Exchange Commission (SEC).
VanEck’s ETF is currently designated inactive on the DTCC website, meaning it cannot be processed until it receives the necessary regulatory approvals. However, VanEck is not the first Ether (ETH) ETF listed by the DTCC. Franklin Templeton’s spot ETH ETF was listed on the platform a month ago.
Additional reporting by Geraint Price, Sam Bourgi and Felix Ng.