According to the latest development, the FIT21 bill, which is positive for cryptocurrencies, was voted in the House of Representatives.
The bill, called FIT21, would give the U.S. Commodity Futures Trading Commission (CFTC) more spot market authority over digital assets considered commodities, while also creating new lines of jurisdiction for the Securities and Exchange Commission (SEC).
Crypto companies and digital asset issuers will have a framework for determining whether and how their assets qualify as securities under the terms defined in the bill, allowing them to know who their primary regulators may be.
The bill's path in the Senate is less clear, and the White House said early Wednesday it opposes the legislation, but President Joe Biden has not threatened a veto.
*This is not investment advice.