Golden Finance recently reported that the U.S. House of Representatives Financial Services Committee held a hearing on July 26 to provide clear rules for the digital asset industry. Committee Chairman Patrick McHenry said that a core concern of the cryptocurrency market structure legislation is that digital assets are considered securities, but they can be offered as part of an investment contract without being classified as securities.

The Republican chairman mentioned that their crypto-asset-related bill, the Financial Innovation and Technology for the 21st Century (FIT) Act, will focus on two key points: decentralization and functionality to explain how the Howey test applies to digital assets. He added that this will help advance U.S. legislation and is the key to the "21st Century FIT Act." This move demonstrates the United States’ positive attitude towards the digital asset industry and is expected to bring more confidence and vitality to the market.