US House passes market structure bill to regulate the crypto industry | Headlines | News | CoinMarketCap
05/23/2024 05:00
The U.S. House of Representatives passed a crypto market structure bill that aims to regulate the industry at large, marking the first time …
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Published on May 22, 2024 21:45 GMT+00:00edited on May 22, 2024 21:54 GMT+00:00
The U.S. House of Representatives passed a crypto market structure bill that aims to regulate the industry at large, marking the first time comprehensive crypto legislation has been voted on in the full House.
The House voted 279 to 136 on Wednesday to pass the Republican-led Financial Innovation and Technology for the 21st Century Act, also known as FIT21. Seventy-one Democrats voted in support of the bill.
FIT21 would grant more power and funding to the Commodity Futures Trading Commission to oversee crypto spot markets and "digital commodities," particularly bitcoin. The bill also creates a process to allow for the secondary market trading of digital commodities if they were "initially offered as part of an investment contract." Stablecoins and anti-money laundering provisions …