Cryptocurrency market structure law receives approval in the US – DiarioBitcoin
By Hannah Perez
The US House of Representatives voted in favor of the FIT21 bill, marking the first time that a chamber of Congress has voted on a law to comprehensively regulate the cryptocurrency market in the country.
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- The US House of Representatives passed a bill to regulate cryptocurrencies
- The FIT21 Act has not been well received by Democrats, Biden and the SEC chairman oppose it
- The project must now go to the Senate, where the future is uncertain
The cryptocurrency industry has just secured a political victory in the United States, now that lawmakers have voted in favor of a bill that aims to regulate the industry as a whole.
The US House of Representatives voted in favor of the Financial Innovation and Technology for the 21st Century Act, also known as FIT21, on Wednesday. The legislative project, led by Republicans, passed with 279 votes in favor and 136 against, securing the support of several Democratic members.
The historic vote for the country, as it marks the first time that a major cryptocurrency bill receives approval by one of the chambers of Congress, as noted CoinDesk and other news media.
Among the central axes of the project, FIT21 proposes granting more power to the Commodity Futures Trading Commission (CFTC) to supervise cryptocurrency spot markets and “digital commodities”in particular Bitcoindetails The Block.
The bill also creates a process to allow secondary market trading of digital products if “initially offered as part of an investment contract” and includes provisions on stablecoins and against money laundering, adds that publication.
The proposal received approval despite the express opposition of President Joe Biden’s administration.
Securities and Exchange Commission (SEC) Chairman Gary Gensler also came out strongly against FIT21, claiming that the legislation “would create new regulatory loopholes and undermine decades of precedent regarding the oversight of investment contracts, putting investors and capital markets at immeasurable risk“.
The bill could end a long-running dispute over the classification of cryptocurrencies and each regulatory agency’s jurisdiction over the sector. One of the aspects that stands out is that it would more clearly define what makes a cryptographic token a security or a commodity, under supervision of the SEC or the CFTC, respectively.
The proposal will now move to the Democratic-dominated US Senate, where top lawmakers have shown no interest in the past, according to the media cited.
Article by Hannah Estefanía Pérez / DailyBitcoin
Picture of Unsplash
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