Rep. Patrick McHenry states that the U.S. supports the crypto-regulating FIT21 bill and wants the Senate to pass that bill.
Rep. Patric McHenry, a US Republican lawmaker, exerts pressure on the Senate to pass the crypto regulating bill before November’s presidential election.
Finally, on May 22, the Financial Innovation and Technology for the 21st Century Act (FIT21) got approval from the Senate with the support of 208 Republicans and 71 Democrats.
“This should be a wake-up call for the Senate that they need to get on with this,”
Bloomberg’s balance of power was being informed by the House Financial Services Chairman, who will retire from Congress in January.
“They need to stay focused on getting policy here and get it done before the election.”
As a result of the approval of the bill, crypto may now be categorized as a commodity and subject to the Commodity Futures Trading Commission.
CFTC has more support than the SEC, according to the crypto community but the SEC will still regulate insufficiently decentralized coins.
McHenry mentioned that it was quite surprising that the bill passed the House. President Joe Biden and the SEC were against the bill.
“For us to pass that important bill, FIT21, with a two-thirds vote of the House of Representatives in these divided times, it is a major statement.”
“We’re here to make serious policy,” he explained further. “We want to have a regulated form of digital assets and cryptocurrency here in the United States.”
48 Democrats in the Senate collaborate with the three independents, as compared to 49 Republicans in the Senate led by Democratic Majority Leader Chuck Schumer.
There is no rush to pass the bill by the Senate. But to pass the bill, 51 senators must vote in favor.
To pass the stablecoin bill, McHenry has been working with Democratic Rep. Maxine Waters for almost two years. He thinks that to pass the bill from the Senate, it needs to be part of a larger bill.
He rejected the idea of adding a stablecoin bill to the SAFER Banking Act, whose goal is to increase the accessibility of financial services to cannabis.
McHenry said:
“I’m not in favor of the cannabis banking legislation that’s been put forth. I voted against it in the last two Congresses”.
He stated that the Republicans will do their best to emphasize the passing of the bill by the Senate and Schumer
On Nov 5, the US Presidential election will be held.
