House Passes Historic Crypto Bill, Marking Major Milestone for Industry

House passes the Financial Innovation and Technology for the 21st Century Act.
Vote: 279 to 136, with strong bipartisan support.
Bill creates a tailored disclosure and registration regime for digital-asset companies.
Primary regulation shifts to the Commodity Futures Trading Commission (CFTC).
SEC’s traditional disclosure regimes deemed unworkable by crypto sector.
Faces long odds in the Senate, where alternative bills are being crafted.
SEC Chair Gary Gensler opposes the bill, citing regulatory gaps and risks.
Biden administration does not support but won't veto the bill.

👉 Market Insights:
The bill’s passage may boost investor confidence and drive innovation within the crypto sector.
Regulatory clarity could attract more institutional investment into the digital-asset market.