The U.S. Congress received the proposal to regulate the cryptocurrency industry, ending the uncertainty that has existed for years.
A bipartisan bill, called the CLARITY Act, was introduced in the U.S. House of Representatives, proposing a regulatory reclassification for some cryptocurrencies such as XRP, dogecoin (DOGE), and ether (ETH) from the Ethereum network.
The legislative proposal, which is beginning its passage through the U.S. Congress, suggests that cryptocurrencies be categorized as digital commodities or, in Spanish, "productos digitales". Furthermore, it shifts their oversight, which was previously under the jurisdiction of the Securities and Exchange Commission (SEC), to the Commodity Futures Trading Commission (CFTC).
This initiative is based on previous legislative efforts, such as the reported approval by CriptoNoticias of the FIT21 Act in the House of Representatives, despite later facing obstacles and losing momentum last year in the Democrat-controlled Senate.
Although it was not enacted, that proposal injected optimism at the time because it had bipartisan support. Subsequently, relying on it, the Financial Services and Agriculture committees actively worked on this issue, with hearings and roundtables held in April and May to discuss the key principles of the regulation.