Reported 5 months ago
The U.S. House of Representatives has passed the Financial Innovation and Technology for the 21st Century Act (FIT21) to regulate the cryptocurrency market, with 279 members endorsing the bill and 136 opposing it. The legislation is now headed to the Senate and aims to establish a new regulatory framework for digital assets, including oversight by the Commodity Futures Trading Commission (CFTC) and guidelines for trading digital commodities. Despite criticism from the White House, the bill signifies a potential shift in Congress's stance on cryptocurrencies and their impact on finance, although it faces opposition from SEC Chair Gary Gensler and concerns from House Financial Services Committee Ranking Democrat Maxine Waters about regulatory effectiveness.
Source: YAHOO