The US House of Representatives has approved the "Financial Innovation and Technology for the 21st Century Act," aiming to establish a new regulatory framework for digital assets. Passed with bipartisan support, the bill seeks to modernize outdated regulations and foster innovation in the crypto industry. However, SEC Chair Gary Gensler warns it could leave investors vulnerable to fraud by creating regulatory gaps. Supporters argue it will provide clarity and attract investment, while opponents fear it undermines investor protections. The bill's future in the Senate remains uncertain.