ChainCatcher news, SEC Chairman Gary Gensler stated on Wednesday that the Financial Innovation and Technology for the 21st Century Act (referred to as "FIT 21") will harm investor interests and hinder the work of the SEC.He said, "FIT 21 will create new regulatory gaps, undermining decades of precedent regarding the regulation of investment contracts, exposing investors and capital markets to immeasurable risks."FIT21 is a bill jointly proposed by the House Agriculture Committee and the House Financial Services Committee, aimed at clarifying how the SEC and the Commodity Futures Trading Commission (CFTC) regulate cryptocurrencies. The bill creates the term "digital commodities" for digital assets that do not meet the definition of securities, placing these assets under the jurisdiction of the CFTC.

ChainCatcher news, according to Prospect, sources revealed that former House Speaker Nancy Pelosi is considering supporting a Republican-backed cryptocurrency bill during this week's House vote, namely the "Financial Innovation and Technology for the 21st Century Act" (FIT 21).

ChainCatcher news, according to CoinDesk, the U.S. House of Representatives is set to vote on Wednesday, with expectations that the vote will pass comprehensive cryptocurrency legislation with bipartisan support, as some Democrats are urging their colleagues to vote in favor. A memo shared by congressional aides indicates that at least eight House Democrats publicly support the Financial Innovation and Technology for the 21st Century Act (FIT21). The bill is currently scheduled for full discussion and voting later on Wednesday.The eight lawmakers wrote in an internal memo on Tuesday: "As Democrats, we believe this is an important opportunity to regulate the digital asset market. This should not be a partisan issue."It is reported that the eight lawmakers include Wiley Nickel (Democrat from North Carolina), Yadira Caraveo (Democrat from Colorado), Jim Himes (Democrat from Connecticut), Jasmine Crockett (Democrat from Texas), Ritchie Torres (Democrat from New York), Darren Soto (Democrat from Florida), Josh Gottheimer (Democrat from New Jersey), and Don Davis (Democrat from North Carolina).