The United States House of Representatives approved the Financial Innovation and Technology for the 21st Century Act (FIT21), a bill aimed at regulating the cryptocurrency market.
Wednesday’s bipartisan vote resulted in 279 members, including 71 Democrats, approving the bill, while 136 opposed it.
This bill, currently before the Senate, could forge a new regulatory framework for digital assets, strengthening oversight by the Commodity Futures Trading Commission (CFTC).
It also introduces guidelines for secondary market trading of digital products initially offered as investment contracts, in addition to addressing stablecoins and anti-money laundering protocols.
Despite criticism from the White House of the bill, blaming a lack of adequate safeguards for consumers and investors, the administration has shown itself ready to work on developing a regulatory framework for digital assets.
The passage of FIT21 signals a potential shift in Congress’ perspective on cryptocurrencies and their influence on the financial industry.
FIT21 has faced opposition from SEC Chairman Gary Gensler, who says the bill could lead to regulatory loopholes and undermine investor protections.
Democrat Maxine Waters, ranking on the House Financial Services Committee, also expressed concerns, arguing that the bill could overburden the CFTC and fail to provide sufficient regulatory authority.
yahoo
