US House Passes Crypto Bill Reducing Oversight, Faces Senate Hurdles

The Financial Innovation and Technology for the 21st Century Act shifts regulatory authority from the SEC to the CFTC, sparking mixed reactions.

The House passed FIT21 with a vote of 279-136, showing bipartisan support despite opposition from key Democratic leaders.
The bill aims to provide regulatory clarity by defining which tokens are securities and which are commodities.
Critics argue that reducing SEC oversight could increase risks of fraud and financial misconduct in the crypto industry.
The Senate has shown less interest in the bill, focusing more on digital assets' links to illicit activities.
Indian crypto commentators see the bill as a positive step that could influence global crypto regulations.