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Republican Congressman Patrick McHenry has rallied the Senate to pass the crucial Financial Innovation and Technology for the 21st Century Act (FIT21) before the upcoming presidential election on November 5. The bill, which designates most cryptocurrencies as commodities, passed the House overwhelmingly with support from both parties. McHenry emphasized the importance of this legislation in fostering a regulated digital assets market in the U.S.
According to McHenry, who will retire from Congress in January, the Senate’s delay could stymie the progress needed in crypto regulation. He noted that the Commodity Futures Trading Commission would oversee the crypto sector under FIT21, favoring the industry’s growth over the more stringent Securities and Exchange Commission. The bill’s passage by a significant majority in the House sends a strong message about bipartisan support for serious crypto policy.
The Senate, led by Democrat Chuck Schumer, holds the key to the bill’s fate, with no specific deadline for a vote. The passage requires a simple majority. McHenry, along with bipartisan allies, continues to push for swift action to ensure the U.S. remains a leader in financial innovation.
