The second term of Republican Representative Mike Flood from Nebraska became a landmark one for the crypto industry. In May, his colleagues voted in favor of two bills to regulate the industry. Flood co-sponsored both bills, including the Financial Innovation and Technology for the 21st Century (FIT21) and the SEC rule repeal proposal (SAB-121). FIT21 will allow crypto projects to “certify” their tokens as commodities, moving them from the jurisdiction of the SEC to the Commodity Futures Trading Commission. 📜