The Republican-controlled U.S. House of Representatives cleared key procedural hurdles on crypto legislation on Wednesday, a day after President Donald Trump intervened to save the initiative, paving the way for the first federal law for digital assets.

The second bill, called the CLARITY Act, introduced in the House would define cryptos as digital commodities. The Commodity Futures Trading Commission would play a central role in regulating cryptos, while certain aspects of the Security and Exchange Commission's authority would be preserved.