Former U.S. House Speaker: FIT21 Act aims to establish legal rules for the broader digital asset industry

05/23 04:53

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The US House of Representatives has passed the "FIT21" bill. Former Speaker of the House of Representatives, Nancy Pelosi, stated that this Republican-led bill aims to establish legal rules for the broader digital asset industry. This is the first step towards responsible innovation and must be improved. The bill will give the Commodity Futures Trading Commission more power and funding to regulate encrypted assets under the "digital commodity" category. Securities and Exchange Commission Chairman, Gary Gensler, publicly criticized the bill in a letter released on Wednesday, stating that it puts digital asset investors at risk.

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