(Reuters) – The U.S. House of Representatives on Wednesday approved a bill that aims to create a new legal framework for digital currencies, despite a rare warning from the U.S. securities regulator that it could create new financial risks. .
The Republican-sponsored Financial Innovation and Technology Act for the 21st Century passed in a bipartisan vote of 279 to 136. It is unclear whether the Senate will take up the measure.
Supporters of the bill in the United States Congress argue that the bill will provide regulatory clarity and help promote industry growth.
The House approval comes as the U.S. Securities and Exchange Commission (SEC) signals it will likely approve applications for spot ether trading funds in a surprising boost for the industry.
But SEC Chairman Gary Gensler said in a statement that the bill would “create new regulatory loopholes and undermine decades of precedent for oversight of investment contracts, putting investors and capital markets at risk.” immeasurable”.
The bill was backed by cryptocurrency supporters and industry organizations who have long viewed Gensler's SEC as an impediment to broader adoption of digital assets.
Pointing to high-profile prosecutions, fraud cases, bankruptcies and failures, Gensler has argued that cryptocurrencies should be subject to the same laws as other assets.
In Wednesday's statement, he said that under the bill investment contracts recorded on a blockchain would no longer be considered securities, denying investors protection under securities laws.
Among other criticisms, Gensler said the bill would also allow issuers of cryptocurrency investment contracts to self-certify that their own products are digital products not subject to SEC oversight, leaving the agency only 60 days to challenge this.
