Crypto Regulatory Legislation Approved by Key US House Committee

Legislation championed by crypto advocates that sets clearer rules for the nascent industry was approved by a key US House panel on Wednesday.

The Republican-led bill was approved by the House Financial Services Committee in a 35-15 vote, mostly along party lines. A handful of Democrats, including Jim Himes of Connecticut and Ritchie Torres of New York, also voted in favor of the legislation and argued the status quo wasn’t working.

Chairman Patrick McHenry of North Carolina touted the legislation and the potential for crypto. “This is a software revolution and a financial revolution if done correctly,” he said.

Clearing ...