Before the November presidential contest, outgoing Republican member Patrick McHenry from the United States pushed the Senate to approve crucial crypto-regulating legislation.

Call for Senate Action on Crypto Legislation

Passed the House on May 22 with 71 Democrats and 208 Republicans in support of the Financial Innovation and Technology for the 21st Century Act (FIT21).

Retiring from Congress in January, the House Financial Services Chairman advised Bloomberg’s Balance of Power on May 30: “This should be a wake-up call for the Senate that they need to get on with this.”

“They must keep concentrating on obtaining policy here and finish it before the election.” Most cryptocurrencies can now be considered commodities and governed by the Commodity Futures Trading Commission, according to the law.

Though the Securities and Exchange Commission would still have control over cryptocurrencies that lack adequate decentralization, the crypto sector sees the CFTC as a more pro-crypto regulator than any other.

The first thing McHenry claimed he received from the Senate on FIT21 was disbelief over “the wide margin” that cleared the House. President Joe Biden and the SEC opposed the measure.

“It is a great statement for us to pass that significant bill, FIT21, with a two-thirds vote of the House of Representatives in these divided times.” “Our purpose is to formulate significant policies,” he stated. “We want a controlled form of digital assets and cryptocurrencies here in the United States.”

Compared to its 49 Republicans, Democrat Majority Leader Chuck Schumer leads the Senate’s 48 Democrats in caucus with all three of the chamber’s independents.

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When the Senate needs to act on FIT21, there are no time restrictions. For it to pass, 51 senators, the majority, have to vote in favor.

McHenry stated that he has been collaborating with Democratic Representative Maxine Waters to enact a stablecoin law for nearly two years, and he understood that it would require a more significant piece of legislation to pass the Senate.

He rejected the notion of connecting the stablecoin measure to the SAFER Banking Act, which provides cannabis businesses with more financial access.

“The proposed cannabis banking laws do not appeal to me. Over the past two Congresses, I voted against it,” McHenry said.

He stated that Republicans will exert “pressure in the best way we can” to convince Schumer and the Senate to prioritize the adoption of a crypto law.

The U.S. presidential elections will take place on November 5.