In a bid to push forward the Financial Innovation and Technology for the 21st Century Act (FIT21), House Financial Service Committee chairman Patrick McHenry is calling on the Senate to act swiftly before the upcoming US elections. The FIT21 bill, which recently gained bipartisan support in the House, aims to establish a new legal framework for digital assets.

Speaking on Bloomberg Television's "Balance of Power," McHenry emphasized the need for the Senate to stay focused on passing the legislation, stating, "They need to get on with this, they need to stay focused on getting policy here and get it done before the election." He also highlighted the importance of Senate Majority Leader Chuck Schumer's support, particularly for stablecoin regulations.

McHenry has been working closely with Rep. Maxine Waters to advance stablecoin regulation. In April, Waters expressed optimism about the prospects of the stablecoin bill, saying, "We are on the way to getting stablecoin bill in the short run." The FIT21 bill is expected to provide increased freedom for crypto companies in the US and clarify which businesses the SEC and CFTC would regulate, as noted by Kyle Bligen, director of financial policy at the Chamber of Progress.

However, McHenry has expressed opposition to tying stablecoin legislation to the bipartisan marijuana banking bill, which was proposed by Senate Banking Chairman Sherrod Brown. "I'm not in favor of the cannabis banking legislation," McHenry said, indicating that he would not support combining the two bills.

Despite the challenges, McHenry remains committed to passing the FIT21 bill before the November elections. He acknowledged that time is of the essence, but he is determined to push forward with the legislation, which he believes is crucial for the future of the crypto market.