Regulation
House votes to make CFTC primary crypto regulator, a victory for the industry
The House approved a major victory for the cryptocurrency industry on Wednesday, voting by a large bipartisan majority to establish the Commodity Futures Trading Commission – rather than the Securities and Exchange Commission, seen as a stricter financial regulator – as as the main supervisor of digital assets.
Crypto executives have long preferred to have the CFTC rather than the SEC as the primary regulator of the industry. Under the Financial Innovation and Technology for the 21st Century Act, passed by a vote of 279 to 136, the CFTC would regulate digital assets on a decentralized blockchain, a definition that would cover the vast majority of cryptocurrencies and exchanges .