House passes bill outlining new framework for crypto regulation despite SEC pushback ...Middle East

The Hill - Technology
House passes bill outlining new framework for crypto regulation despite SEC pushback
source : The Hill ( Middle East ) () 88
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.  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 blockchain is “functional but not decentralized,” they would be considered securities and fall under the purview of the SEC.  Gensler argu

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