In a bid to propel the US crypto landscape forward, House Financial Services Committee Chairman Patrick McHenry is urging the Senate to swiftly pass the FIT21 crypto legislation before the upcoming November elections. The House has already given its nod to the Financial Innovation and Technology for the 21st Century Act (FIT21), a landmark bill that aims to establish a new legal framework for digital assets.

A Wake-Up Call for Swift Action

McHenry, a North Carolina Republican, views the House's approval of the crypto market structure legislation as a "wakeup call" to take immediate action. He emphasized the importance of Senate Majority Leader Chuck Schumer's support, particularly for stablecoin regulations, in an interview with Bloomberg Television's "Balance of Power."

A Call to Action

McHenry stressed the need for the Senate to stay focused and get the policy done before the election. "They need to get on with this, they need to stay focused on getting policy here and get it done before the election," he said.

Collaboration and Challenges

McHenry has been working closely with Rep. Maxine Waters to push for stablecoin regulation. In April, Waters expressed optimism about the prospects of the stablecoin bill, stating that they were "on the way to getting stablecoin bill in the short run." However, McHenry acknowledged that there are challenges to pass the bill within the short span of time.

Integration and Regulation

Kyle Bligen, director of financial policy at the Chamber of Progress, believes that the FIT21 bill would provide increased freedom for crypto companies in the US. The bill would also clarify which businesses the SEC and CFTC would regulate, providing much-needed regulatory clarity.

Stablecoin Ties and Opposition

McHenry strongly opposed the idea of 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," he said.

The Road Ahead

Despite the challenges, McHenry remains committed to pushing the FIT21 bill through the Senate. The fate of the legislation hangs in the balance as the US heads into the November elections.