Coinbase has resumed XRP trading in New York after collaborating with state regulators.

The reinstatement supports a digital asset with a market cap of $29.5 billion.

This development coincides with the US House of Representatives passing the FIT21 Act, which regulates cryptocurrencies.

The FIT21 Act shifts oversight to the CFTC and limits the SEC's authority.

President Biden's potential approval of the bill, despite opposition from SEC Chair Gensler, underscores an evolving regulatory landscape for digital assets.

The legislation aims to bring clarity and transparency to the crypto market, with potential adjustments expected during Senate discussions.

Investors are advised to proceed cautiously amidst ongoing regulatory debates and risks associated with digital assets.