Regulation
House votes to make CFTC the primary cryptocurrency regulator, a win for the industry
The House passed a major victory for the cryptocurrency industry on Wednesday, voting by a wide bipartisan margin to establish the Commodity Futures Trading Commission – rather than the Securities and Exchange Commission, seen as a tougher financial regulator – as the primary supervisor of digital resources.
Cryptocurrency leaders have long preferred the industry’s primary regulator to be the CFTC rather than the SEC. Under the Financial Innovation and Technology for the 21st Century Act, passed by a vote of 279-136, the CFTC would regulate digital assets on a decentralized blockchain, a definition that would cover the vast majority of cryptocurrencies and exchanges.