US Republican lawmaker, Patrick McHenry, is putting pressure on the Senate to pass the FIT21 crypto bill before the upcoming elections. The bill, which was recently approved by the US House, aims to establish a new legal framework for digital assets. McHenry believes that this approval serves as a wake-up call for swift action and emphasizes the importance of Senate Majority Leader Chuck Schumer’s support, particularly regarding stablecoin regulations. McHenry has been collaborating with Rep. Maxine Waters to push for stablecoin regulation, and he suggests that any new regulations would likely be integrated into a larger legislative plan. The FIT21 bill is expected to provide increased freedom for crypto companies in the US and clarify the regulatory roles of the SEC and CFTC. However, McHenry opposes the idea of linking stablecoin legislation to the bipartisan marijuana banking bill proposed by Senate Banking Chairman Sherrod Brown. Despite urging the Senate to pass the bill before the elections, McHenry acknowledges the challenges of doing so within a short timeframe.
