The U.S. House of Representatives passed the “Financial Innovation and Technology for the 21st Century Act” (FIT21) on Wednesday evening, aiming to regulate the cryptocurrency industry.

The bill classifies cryptocurrency as a commodity, exempting it from securities regulations, and outlines whether the SEC or CFTC should oversee it.

The Republican-led bill, the first of its kind, passed with a 279-136 vote, supported by 71 Democrats, including former Speaker Nancy Pelosi, Quartz has reported.

Despite facing criticism from SEC Chair Gary Gensler, the bill successfully cleared the House.

Written by B.C. Begley