The House of Representatives approved the Financial Innovation and Technology for the 21st Century Act (FIT21) with a bipartisan vote.

The bill aims to create a federal framework for regulating digital assets, assigning jurisdiction to the Commodity Futures Trading Commission (CFTC) over digital asset commodities instead of the Securities and Exchange Commission (SEC).

President Joe Biden expressed concerns about the bill's lack of investor protections but emphasized the need for a comprehensive regulatory framework for digital assets.

Critics, including some Democrats, raised concerns about potential loopholes and risks associated with cryptocurrency, such as aiding terrorists and criminals.

The bill's passage marks a significant development in crypto regulation after years of debate in Congress, and it now moves to the Senate for further consideration.

Senator Cynthia Lummis indicated bipartisan support for the bill in Congress, suggesting a potentially promising outlook for future crypto regulation.