Patrick McHenry Urges Senate to Take Action on Pre-Election Crypto Bill FIT21

Republican lawmaker Patrick McHenry is urging the Senate to approve the Financial Innovation and Technology for the 21st Century Act (FIT21), a bill that focuses on cryptocurrencies. McHenry expects the bill to be ratified before the November 5 elections. The House of Representatives already voted in favor of FIT21, with McHenry emphasizing the importance of Senate Majority Leader Chuck Schumer’s support, particularly in relation to stablecoin regulations. For the bill to be approved, a majority of 51 senators must vote in favor. The bill classifies most cryptocurrencies as commodities and places regulation under the Commodity Futures Trading Commission. McHenry has been working with Democratic Rep. Maxine Waters to pass a stablecoin bill, but acknowledges the need for it to be included in a larger legislative package. The bill is currently facing opposition in the Senate, which could delay its passage. However, there is a possibility of a stablecoin proposal advancing during the post-election lame-duck period.