US Republican Lawmaker McHenry Urges Senate to Approve FIT21 Crypto Bill Ahead of Elections
Sujha Sundararajan
Published:
May 31, 2024 08:20 EDT
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Reading Time:
1 min
Patrick McHenry, the chairman of the House Financial Service Committee, is pressuring the Senate to move forward with the FIT21 crypto legislation before the US elections.
Last week, the US House of Representatives passed the FIT21 bill, which aims to establish a new legal framework for digital assets. With support from both parties, the Republican-sponsored Financial Innovation and Technology for the 21st Century Act received approval from the House.
McHenry views the House’s approval of the crypto market structure legislation as a wake-up call to take prompt action. He emphasizes the importance of Senate Majority Leader Chuck Schumer’s support, particularly regarding stablecoin regulations.
Speaking on Bloomberg Television’s “Balance of Power,” McHenry expressed his stance. The North Carolina Republican has been collaborating with Rep. Maxine Waters to promote a bill for regulating stablecoins. In April, Waters mentioned in an interview with Bloomberg that they are making progress in passing the stablecoin bill in the near future.
McHenry suggests that any new regulations will likely be incorporated into a larger legislative plan to facilitate its passage through the Senate.
Kyle Bligen, the director of financial policy at the Chamber of Progress, shared in an interview with Cryptonews that the FIT21 bill would grant greater freedom to crypto companies in the US. He also highlighted that it would clarify which businesses would fall under the regulation of the SEC and CFTC.
McHenry Opposes Linking Stablecoin Legislation to Bipartisan Marijuana Banking Bill
McHenry strongly opposes and voted against Senate Banking Chairman Sherrod Brown’s proposal to tie stablecoin legislation to the marijuana banking bill.
“I’m not in favor of the cannabis banking legislation,” he stated.
While urging the Senate to pass the legislation before the upcoming November elections in the US, McHenry acknowledges that there are challenges to passing the bill within a short timeframe.
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