The U.S. House of Representatives is poised to vote in favor of a crypto market structure bill for the first time, in a symbolic effort to radically reshape the country’s digital asset regulatory landscape.

The Financial Innovation and Technology for the 21st Century Act, sponsored by members of the House Financial Services and House Agriculture Committees, will begin seeing votes Wednesday afternoon, where it is expected to pass with a bipartisan majority.

What the bill will achieve

The bill, dubbed FIT21, would grant the U.S. Commodity Futures Trading Commission (CFTC) greater spot-market authority over digital assets deemed to be commodities, while also creating new jurisdictional lines for the Securities and Exchange Commission (SEC).

Crypto companies and digital asset issuers would have a framework for determining whether and how their assets are securities under the terms defined by the bill, which in turn would let them know who their primary regulator could be.

Expectations: Rep. Patrick McHenry

Rep. Patrick McHenry (R-N.C.), who chairs the Financial Services Committee, told reporters on Tuesday that he hoped for “a substantial vote” in favor of the legislation to demonstrate that there is real momentum for digital asset legislation, a week after the Senate voted in favor of a House resolution that overturned SEC accounting guidance.

The bill is expected to pass, with a handful of Democrats joining a majority of Republicans in voting in favor of the bill. The bill’s path through the Senate is less clear, and the White House earlier Wednesday said it opposed the legislation, though President Joe Biden did not threaten a veto.