Outgoing Republican Representative Patrick McHenry is urging the Senate to pass a crucial cryptocurrency regulation bill, known as the Financial Innovation and Technology for the 21st Century Act (FIT21), before the upcoming presidential election. The bill, which aims to classify most cryptocurrencies as commodities and regulate them under the Commodity Futures Trading Commission, has already passed the House with a significant majority.

McHenry, who is retiring from Congress in January, emphasized the importance of the Senate taking swift action on the bill. He expressed surprise at the Senate's initial reaction to the bill's passage, stating that they were shocked by the wide margin it received in the House. The bill faced opposition from the Securities and Exchange Commission and President Joe Biden, but McHenry believes its passage is a significant achievement.

The crypto industry views the Commodity Futures Trading Commission as a more pro-crypto regulator compared to the Securities and Exchange Commission. McHenry emphasized the need for a regulated form of digital assets and cryptocurrency in the United States, stating that the country should "make serious policy" on the matter.

The Senate has no time constraints for acting on the bill, but it requires a majority vote of 51 senators to pass. McHenry believes that Republicans will "pressure in the best way we can" to get Senate Majority Leader Chuck Schumer and the Senate to prioritize passing a crypto bill. He also expressed opposition to tethering the stablecoin bill to the SAFER Banking Act, which aims to give cannabis companies greater access to financial services.

The U.S. presidential elections are scheduled for November 5, and McHenry is urging the Senate to pass the bill before then.