from ZeroHedge:
A majority of US House of Representatives members voted in favor of legislation to establish regulatory clarity over digital assets, CoinTelegraph reports.
In a 279 to 136 vote on May 22, House lawmakers approved H.R.4763, or the Financial Innovation and Technology for the 21st Century (FIT21) Act. If passed by the Senate and signed into law, the bill clarifies the roles the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have over digital assets. 71 Democrats joined with 208 Republicans to vote in favor of the bill.
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“Unfortunately, our current regulatory framework is preventing digital assets’ innovation from reaching its full potential,” said Representative Patrick McHenry before the House vote. “The SEC and the CFTC are currently in a food fight for control of these asset classes.”
Maxine Waters, also speaking before the floor vote, said she intended to oppose the legislation. She claimed the FIT21 bill would send cryptocurrencies to a “regulatory no man’s land,” adding that the language would allow traditional finance firms to operate without SEC oversight.
“This [bill] is perhaps the worst, most harmful proposal I have seen in a long time,” said Representative Waters. “This bill would deregulate crypto and certain traditional securities to the extent that I and other experts have expressed serious concerns about this bill causing a potential market crash and recession.”
