The U.S. Senate has approved the FIT21 Act, a significant crypto regulation bill, with a 60-38 vote. The bill aims to exempt cryptocurrencies from many securities regulations if they achieve sufficient decentralization, shifting more regulatory control to the Commodity Futures Trading Commission (CFTC). This move is expected to foster innovation and job creation within the crypto industry by providing clearer compliance rules and reducing the regulatory burden from the Securities and Exchange Commission (SEC). The bill now awaits President Biden's approval, although he has expressed concerns and hinted at a potential veto.