House Passes Landmark Crypto Regulation Bill

The bill would give the Commodity Futures Trading Commission primary jurisdiction to regulate the crypto sector.

A visual representation of bitcoin in London on Dec. 7, 2017. Dan Kitwood/Getty Images

The House on May 22 approved a key bill that would set up a new regulatory framework for cryptocurrency. While the White House has expressed opposition to the legislation, President Joe Biden did not indicate he will veto it.

The bill, called the Financial Innovation and Technology for the 21st Century (FIT 21) Act, passed by the House in a bipartisan 279–136 vote. It now heads to the Senate for consideration.