A key United States House panel has approved a pair of bills that will be key to developing a regulatory framework for cryptocurrencies, that will reduce regulatory red tape for crypto and set clearer rules for the industry.

On July 26, the majority of U.S. lawmakers voted in favor of the Financial Innovation and Technology for the 21st Century Act as well as the Blockchain Regulatory Certainty Act.

The House Financial Services Committee approved the Financial Innovation and Technology for the 21st Century Act in a 35-15 vote which would establish rules for crypto firms on when to register with either the Commodity Futures Trading Commission (CFTC) or the Securities and Exchange Commission (SEC).

The Republican bill also outlines a process for firms to certify with the SEC that their projects are adequately decentralized which would allow them to register digital assets as a digital commodity with the CFTC.

Meanwhile, the bipartisan “Blockchain Regulatory Certainty Act” led by Republican Congressman Tom Emmer and Democratic Congressman Darren Soto, aims to set out guidelines that remove hurdles and requirements for “blockchain developers and service providers” such as miners, multi-signature service providers and decentralized finance (DeFi) platforms.

Republican Representative Tom Emmer praised the passing of the Blockchain Regulatory Certainty Act as a “huge win” for the United States.

Others, including Democratic Representative Maxine Waters have opposed the market structure bill saying it could mean fewer protections for crypto investors.

This is a developing story, and further information will be added as it becomes available.