The House Financial Services Committee of the United States advanced a bill Wednesday specifying whether cryptocurrencies are securities or commodities.
The bill also attempts to strengthen the Commodity Futures Trading Commission’s monitoring of the cryptocurrency business and to clarify the Securities and Exchange Commission’s (SEC) jurisdiction.
Wednesday’s markup was widely regarded as a victory for crypto lobbyists seeking regulatory clarification for the industry, as it was the first time a crypto regulation bill was voted on in Congress.
The bill was supported by Republicans on the House Financial Services Committee as well as pro-crypto Democrats such as New York Representative Ritchie Torres.
The bill will now be debated in the Senate, where it is certain to face stiff opposition from Democratic senators.
