House Financial Services Committee chair Patrick McHenry is urging the Senate to pass the FIT21 crypto bill before the November presidential election. On May 22, the House approved the bill by a 279 to 136 vote, moving it to the Senate.
This strong support signals urgency for the Senate to act, McHenry told Bloomberg on May 30. The bill aims to classify most cryptocurrencies as commodities, placing them under the Commodity Futures Trading Commission (CFTC) regulation.
The CFTC is seen as more crypto-friendly than the SEC, which will still oversee less decentralized cryptocurrencies. McHenry highlighted the wide margin of House approval as a significant milestone, especially in divisive times.
Critics argue the bill is too lenient on the crypto industry, while the Biden administration stresses balancing consumer protection with innovation. McHenry opposed linking this bill with a marijuana banking bill, emphasizing Republican pressure for prioritizing crypto legislation.
Passing FIT21 would provide much-needed clarity in crypto regulation, potentially fostering innovation and stability in the US crypto market.
