A key US congressional committee on Wednesday advanced a bipartisan bill that aims to develop a regulatory framework for cryptocurrencies.

The bill passed by the House Financial Services Committee would define when a cryptocurrency is a security or a commodity and expand the Commodity Futures Trading Commission’s (CFTC) oversight of the crypto industry, while clarifying the Securities and Exchange Commission’s jurisdiction, as many crypto advocates complain of the agency’s perceived overreach.

“As other jurisdictions like the UK, the [European Union], Singapore and Australia have moved forward with clear regulatory frameworks for digital assets, the United States is at risk of falling behind. We intend to change that today,” said Representative Patrick McHenry, the Republican chair of the House Financial Services Committee.

The markup – where legislation is debated and brought to a vote, paving the way for a full vote by the House of Representatives – is the first time a crypto regulatory bill was put to a vote in US Congress, a victory for crypto lobbyists who have pushed lawmakers to provide regulatory clarity for the industry.

“Obviously we’ve had some important decisions come from the courts in the past, but this is by far the most significant legislative moment that we’ve had,” Blockchain Association CEO Kristin Smith said.