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

After the U.S. House of Representatives passed FIT21, former U.S. House Speaker Nancy Pelosi said that the Republican-led bill, which aims to establish legal rules for the broader digital asset industry, is the first step towards responsible innovation and must be improved.
The bill, which would give the Commodity Futures Trading Commission more power and money to regulate crypto assets under the "digital goods" category, was publicly criticised in a letter published on Wednesday by Gensler, chairperson of the Securities Exchange Commission, for putting investors in digital assets at risk.