Sister Wen has something to say:

In Wen Jie's analysis, the passage of this bill can be said to be a response to those calling on Congress to develop a digital asset framework. It is also a factor worthy of attention that affects the volatility of cryptocurrencies. It can be said to be the first step in a historic milestone.

According to the latest news, the cryptocurrency-friendly FIT21 bill was voted on in the House of Representatives (278 votes to 136).

The bill, called FIT21, would give the U.S. Commodity Futures Trading Commission (CFTC) more spot market authority over digital assets deemed commodities, while also creating new jurisdiction for the Securities and Exchange Commission (SEC).

Cryptocurrency companies and digital asset issuers will have a framework for determining whether and how their assets qualify as securities under the terms defined in the bill, allowing them to know who their primary regulator may be.

The bill's path to the Senate is unclear, and earlier on Wednesday the White House publicly opposed the bill, citing the lack of a regulatory framework for digital assets. Regardless, the Biden administration has expressed its willingness to work with lawmakers to develop clear crypto legislation, and he has said he will not veto the bill.

In summary, the bill is an important step towards comprehensive regulation of digital assets in the United States and has the potential to shape the future of cryptocurrency trading and investing.

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