The House Passed a Crypto Bill That’s Crucial for the Industry. Its Future Is Murky.

The House passed new rules for the crypto industry on Wednesday. The bill, which passed 279 to 136, probably won’t become law because of insufficient support in the Senate. The bill, called the Financial Innovation and Technology for the 21st Century Act, or FIT 21, creates a path for cryptocurrencies to be exempt from many securities regulations if they achieve a sufficient level of decentralization, among other things.