Outgoing Republican Congressman Patrick McHenry is mounting pressure on the Senate to pass a crucial cryptocurrency regulation bill before the November presidential election. The Financial Innovation and Technology Act of the 21st Century (FIT21) was recently approved by the House of Representatives, with a significant majority of 71 Democrats and 208 Republicans in favor.

As the Chairman of the House Financial Services Committee, McHenry is set to retire from Congress in January next year, but not before he has made a final push to ensure that the Senate takes action on this critical legislation. In a recent interview with Bloomberg's 'Power Balance' magazine, McHenry emphasized the importance of the Senate completing the policy-making process before the election, stating that this should serve as a wake-up call for the Senate to focus on policy-making and complete the task at hand.

The FIT21 bill aims to provide a comprehensive framework for the regulation of cryptocurrencies, ensuring that the industry operates in a transparent and secure manner. With the election season looming, it is crucial that the Senate takes action on this bill to maintain the momentum and stability of the cryptocurrency market.

In conclusion, the pressure from outgoing Republican Congressman Patrick McHenry on the Senate to pass the FIT21 bill before the November presidential election underscores the urgent need for regulatory clarity in the cryptocurrency space. As the industry continues to evolve, it is essential that policymakers work together to create a framework that balances innovation with consumer protection, ensuring the long-term sustainability of the market.