Patrick McHenry, House Financial Service Committee chairman, is pushing the Senate to advance the FIT21 crypto legislation before US elections.

Last week, the US House backed in favor of crypto-friendly bill (FIT21), which would establish a fresh legal structure for digital assets. With votes from both the parties, the House approved the Republican-sponsored Financial Innovation and Technology for the 21st Century Act (FIT21).

According to McHenry, the House’s approval of crypto market structure legislation is a “wakeup call” to take swift action. He also stressed that Senate Majority Leader Chuck Schumer’s support and backing is important, particularly for stablecoin regulations.

McHenry expressed his views, speaking at Bloomberg Television’s “Balance of Power.”

“They need to get on with this, they need to stay focused on getting policy here and get it done before the election.”

The North Carolina Republican has been working with Rep. Maxine Waters to push stablecoin regulation bill. In April, Waters told Bloomberg that they are “on the way to getting stablecoin bill in the short run.”

McHenry suggested any new regulation would likely be integrated to a larger legislative plan to move it through the Senate.

Kyle Bligen, director of financial policy at the Chamber of Progress, told Cryptonews in an interview that the FIT21 bill would provide increased freedom for crypto companies in the US. He also noted that it would clarify which businesses the SEC and CFTC would regulate.

McHenry Opposes Stablecoin Ties to Bipartisan Marijuana Banking Bill

McHenry strongly opposed and voted against Senate Banking Chairman Sherrod Brown’s idea to tie stablecoin legislation to marijuana banking bill.

“I’m not in favor of the cannabis banking legislation,” he said.

Though he urged the Senate to pass the legislation before the upcoming November elections in the US, he also admitted that there are challenges to pass the bill within the short span of time.

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