Crypto Rules Bill Advanced by House Republicans: Crypto in DC

Two key House committees advanced a Republican-backed legislation to create a regulatory framework for the cryptocurrency industry, though opposition from Democratic lawmakers suggest the bill is unlikely to pass in the Senate in its current form.

The House Financial Services Committee and the Agriculture Committee advanced the bill, which would set rules on when crypto firms must register with the Securities and Exchange Commission or the Commodity Futures Trading Commission. It also stipulates a digital asset isn’t a security just because it’s sold as part of an investment contract.

The crypto bill is unlikely to pass in its current ...