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Congress passes historic pro-crypto bill


Bill is seen as biggest step towards better crypto regulation.

The US House of Representatives has passed a wide-reaching cryptocurrency bill that would seek to establish a clearer regulatory framework for digital assets in the US.

It comes a day before the Securities and Exchange Commission (SEC) makes a decision on whether to approve spot Ethereum ETFs (exchange-traded funds) in the US.

The snappily-titled Financial Innovation and Technology for the 21st Century Act (or FIT21 for short) passed the US House on a vote of 279-136, with many Democrats crossing the floor to vote in favour of the Republican bill.

US President Joe Biden and SEC chair Gary Gensler publicly opposed the bill, but the President did not say whether he would veto the bill if it also passed the US Senate.

What does the bill do?

The legislation aims to provide more clarity on how crypto assets are regulated and better define whether specific cryptocurrencies would be considered securities or commodities.

It would look to position the Commodity Futures Trading Commission (CFTC) as the primary regulator and watchdog of crypto and other digital assets, and help set consumer protections.

What does this mean for crypto?

While this is seen as a highly-positive step for the crypto industry, the bill still has a way to go before it officially becomes law.

It must first pass the US Senate, where support for a pro-crypto bill is a lot more lukewarm. It's also uncommon for the Senate to pass bills unadulterated from the House.

If FIT21 (or a similar bill) does somehow pass does the Senate, it would then need to be signed into law by President Biden.

Trying to get a handle on the markets? Cut through the noise with our overview of the best cryptos to buy right now, explore some strategies for how to trade crypto or see if there's a better platform for you with our guide to the best crypto exchanges.

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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