Congressional Committee Approves Crypto Bills, Boosting Industry and Regulatory Framework

A bipartisan bill aimed at developing a regulatory framework for cryptocurrencies has passed a key congressional committee, marking a significant milestone in Capitol Hill's efforts to establish federal oversight for the digital asset industry. The bill defines when a cryptocurrency is a security or a commodity, expands the Commodity Futures Trading Commission's oversight, and clarifies the Securities and Exchange Commission's jurisdiction. The legislation, which has garnered support from both Democrats and Republicans, will now move to the House Agriculture Committee for consideration. Crypto industry advocates see this as a crucial step towards providing regulatory clarity and catching up with other jurisdictions. However, some Democrats, including Representative Maxine Waters, oppose the bill, citing concerns about consumer and investor protections. The bill may also face challenges in the Senate.