US passes Cryptocurrency Bill despite SEC warning: All you need to know

The US House of Representatives passed a Bill on Wednesday to establish a new legal framework for cryptocurrencies, despite a rare warning from the US securities regulator, Securities and Exchange Commission (SEC), about potential financial risks.

The Republican-sponsored Financial Innovation and Technology for the 21st Century Act was approved with a bipartisan 279-136 vote. However, media reports said that it’s unclear as of yet if the Senate will consider the measure.

Supporters in the Congress argue that the Bill will provide regulatory clarity and promote industry growth.