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US Republican Lawmaker McHenry Pressures Senate to Pass FIT21 Crypto Bill Before Elections

Patrick McHenry, Chair of the House Financial Services Committee, is urging the Senate to advance the FIT21 crypto legislation prior to the upcoming US elections.

Recently, the US House endorsed a crypto-friendly bill known as FIT21, aimed at establishing a modern legal framework for digital assets. With bipartisan support, the House passed the Financial Innovation and Technology for the 21st Century Act (FIT21), sponsored by Republicans.

McHenry emphasized the significance of the House’s approval of legislation concerning the crypto market structure, considering it a “wake-up call” for prompt action. He particularly highlighted the importance of Senate Majority Leader Chuck Schumer’s support, especially regarding regulations on stablecoins.

McHenry conveyed these sentiments during an appearance on Bloomberg Television’s “Balance of Power.”

“They must proceed expeditiously and maintain their focus on formulating policy and completing it before the election.”

The North Carolina Republican has collaborated with Rep. Maxine Waters to advance a bill regulating stablecoins. In April, Waters informed Bloomberg that they are making progress towards introducing the stablecoin bill soon.

McHenry suggested that any new regulations would likely be incorporated into a broader legislative initiative to facilitate its passage through the Senate.

Kyle Bligen, Director of Financial Policy at the Chamber of Progress, mentioned in an interview with Cryptonews that the FIT21 bill would offer greater flexibility for crypto companies in the US. He also highlighted that it would clarify which businesses would fall under the regulatory purview of the SEC and CFTC.

McHenry Opposes Stablecoin Ties to Bipartisan Marijuana Banking Bill

McHenry vehemently opposed and cast his vote against Senate Banking Chairman Sherrod Brown’s proposal to link stablecoin legislation with the marijuana banking bill.

“I’m not supportive of the cannabis banking legislation,” he remarked.

While urging the Senate to approve the legislation before the upcoming November elections in the US, he acknowledged the challenges associated with passing the bill within the limited timeframe.

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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