According to BlockBeats, on June 26, Nebraska Republican Congressman Mike Flood successfully pushed for the approval of two significant legislative reforms in cryptocurrency policy. The 'Financial Innovation and Technology Act of the 21st Century' (FIT21), co-sponsored by Flood, and the proposal to abolish the Securities and Exchange Commission Rule SAB-121, received historic voting approval in May, garnering unexpected bipartisan support.
Despite his relatively short tenure in Congress, which began in 2022 through a special election, Flood's extensive experience in the Nebraska legislative body has led him to focus on the cryptocurrency sector. He emphasized the appeal of cryptocurrencies to the younger generation and expressed his desire to ensure that state governments play a crucial role in cryptocurrency regulation.
Flood also acknowledged the significant roles of Representatives French Hill and Warren Davidson in the formulation of digital asset policies. He expressed his hope that in the next Congress, through FIT21 and the Stablecoin Act, rules that stifle innovation can be prevented, and legislation promoting artificial intelligence and cybersecurity can be advanced.