US House of Representatives Passes Bill to Regulate Crypto Industry
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23 May

The US House of Representatives has passed a bill aimed at regulating the cryptocurrency market, Reuters has reported.

It is the first time such a bill has been voted on by the full House.

The Republican-led Financial Innovation and Technology for the 21st Century Act, also known as FIT21, received a 279-136 majority vote, with support from 71 Democrats, including former House Speaker Nancy Pelosi.

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FIT21 would provide more authority and resources to the US Commodity Futures Trading Commission to oversee digital products such as Bitcoin and establish a process for trading these assets in the secondary market.

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It also includes provisions for stablecoins and anti-money laundering measures. While the bill is unlikely to be introduced in the Senate this year, it could lay the groundwork for future legislation.

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