Patrick McHenry, chairman of the Financial Services Committee of the U.S. House of Representatives, expressed his views on Grayscale’s victory in court against the U.S. Securities and Exchange Commission (SEC). He said on social media: “SEC Chairman Gary Gensler’s crusade against the digital asset ecosystem is falling apart under court scrutiny , which is yet another example of why comprehensive regulatory frameworks such as the 21st Century FIT Act must be enacted into law”.
The full name of the 21st Century FIT Act is the “21st Century Financial Innovation and Technology Act”. Jinse Finance once reported that if the bill is passed, it will begin to define the responsibilities of the SEC and CFTC in regulating cryptocurrencies. The bill has so far been approved by two House committees.
