Key Takeaways:
- Outgoing Republican Rep. Patrick McHenry urges the Senate to pass the Financial Innovation and Technology for the 21st Century Act (FIT21) before the November presidential election.
- The FIT21 bill, which classifies most cryptocurrencies as commodities under CFTC regulation, passed the House with bipartisan support but faces opposition from the SEC and President Biden.
- McHenry, working with Democratic Rep. Maxine Waters on a stablecoin bill, stresses the urgency of clear crypto regulations and criticizes the Senate for delays.
Outgoing Republican lawmaker Patrick McHenry has called on the Senate to pass the Financial Innovation and Technology for the 21st Century Act (FIT21) before the upcoming presidential election in November.
The bill, which aims to classify most cryptocurrencies as commodities regulated by the Commodity Futures Trading Commission (CFTC), passed the House on May 22 with bipartisan support.
Congressman Patrick McHenry:
— TFTC (@TFTC21) May 30, 2024
“For us to pass that important bill, FIT21, with a two-thirds vote of the House of Representatives, in these divided times, is a major statement.”pic.twitter.com/E5Fk1dd4ZE
McHenry emphasized the importance of establishing clear crypto regulations and criticized the Senate for its slow response.
The bill faced opposition from the Securities and Exchange Commission (SEC) and President Joe Biden. McHenry, who is retiring in January, has been working with Democratic Rep.
Maxine Waters on a stablecoin bill, which he noted would need to be attached to a larger piece of legislation to pass the Senate.
He rejected the idea of linking it to the SAFER Banking Act, which aids cannabis companies.
Rep. Patrick McHenry on the House passing FIT21:
— Bitcoin News (@BitcoinNewsCom) May 23, 2024
"This should serve as a wake-up call. We had 2/3 of the House of Representatives vote in favor of clarity for crypto."
"It gives the SEC and CFTC a proper role, rather than a conflicting set of regulatory actions." pic.twitter.com/LfynKn7UEc
The Senate, led by Democrat Majority Leader Chuck Schumer, requires a majority of 51 senators to pass FIT21, with no set deadline for action.
The presidential election is scheduled for November 5.
About The Author
Victor Fawole, a seasoned Web3 content creator and social media influencer, excels in bringing the pulse of the crypto world to our readers.
With a keen eye for emerging trends and a talent for engaging storytelling, Victor’s articles offer a fresh perspective on the ever-evolving digital currency landscape.
Check Victor out on:
