US House passes crypto bill despite warnings from SEC
U.S. House of Representatives on Wednesday passed a bill that aims to create a new legal framework for digital currencies, despite an unusual warning from the U.S. securities regulator it could create new financial risks.
The Republican-sponsored Financial Innovation and Technology for the 21st Century Act passed in a bipartisan 279-136 vote. It is not clear if the Senate will take up the measure.
The bill's supporters in the U.S. Congress argue that the bill will provide regulatory clarity and help promote the industry's growth.
The House approval comes as the U.S. Securities and Exchange Commission (SEC) signals that it will likely approve applications for spot ether exchange-trade funds in a surprising boost to the industry.
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View Details» But SEC Chair Gary Gensler said in a statement that the bill «would create new regulatory gaps and undermine decades of precedent regarding the oversight of investment contracts, putting investors and capital markets at immeasurable risk.»
The bill was backed by crypto supporters and industry organizations who have
