The House passes an act amending the regulations regarding cryptocurrencies

The House voted to make the Commodity Futures Trading Commission the primary cryptocurrency regulator.

If these rules come into force, they will replace securities and exchange commissions.

The move is welcomed by many crypto industry leaders as they view the SEC as a more stringent financial regulator.

Democrats criticized this potential exchange, saying fraudulent schemes would be difficult to detect and that the crypto industry would have an advantage.

The Senate is not expected to pass the bill.