The US House Financial Services Committee approved the Financial Innovation and Technology for the 21st Century Act on Wednesday, which provides for the creation of a regulatory framework for the digital asset sector.
According to the document, which has been approved with 35 votes in favor and 15 against, the SEC and the CFTC must develop appropriate rules for the cryptocurrency market.
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The press release states the bill provides clarity on which digital assets are regulated by each agency in order to "allow innovators to build and develop new products with confidence, while also securing key consumer protections for purchasers of digital assets."
Patrick McHenry, a member of the House of Representatives, has said:
"Our comprehensive digital asset market structure legislation recognizes a key issue: digital assets that are not inherently securities may be offered as part of an investment contract but that does not make them securities."
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In addition, the committee has also approved the draft "Blockchain Regulation Act," which stipulates that such ecosystems and related companies that do not control user funds are not financial institutions.
The documents have been sent for consideration to all committees of the House of Representatives, after which they must be approved by the Senate.