Guess what? Congress put one foot forward and voted on a crypto regulation!

Okay, so it is not said and done. However, this is a first and this is major.

Photo by Chris Grafton on Unsplash

The Senate must still vote on the cryptocurrency bill, The Financial Innovation and Technology for the 21st Century Act. The U.S. House approved the first federal law regulating cryptocurrencies with the support of 279 congressmen. Only 133 Democrats and 3 Republicans voted against the bill.

But here’s the deal, President Biden could veto the bill. We will need to wait and see.

The law basically limits the SEC’s authority to regulate cryptocurrencies in the U.S. and gives more power to the CFTC. So, what is the SEC and the CFTC?

SEC stands for the Securities and Exchange Commission. And CFTC stands for the Commodity Futures Trading Commission.