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House passes bill outlining new framework for crypto regulation despite SEC pushback
The House passed legislation Wednesday laying out a new framework for when cryptocurrencies should be regulated by the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC). The lower chamber voted 279-136 to pass the Financial Innovation and Technology for the 21st Century Act (FIT 21), despite opposition from SEC Chair Gary Gensler. Seventy-one Democrats joined 208 Republicans to support the measure. FIT 21 would classify digital assets, like crypto, as commodities regulated by the CFTC if the blockchain on which they run is “functional and decentralized.” If their ... (full story)