Rep. Patrick McHenry, Chairman of the House Financial Services Committee, has announced an upcoming vote on the Financial Innovation and Technology for the 21st Century Act (FIT21), a comprehensive bill designed to regulate the cryptocurrency industry.

The scheduled vote next week holds significant importance as McHenry, a Republican from North Carolina, approaches the conclusion of his congressional tenure. If approved, FIT21 would represent a pivotal moment in cryptocurrency regulation within the United States, standing as the most substantial legislation concerning crypto to reach this stage in Congress. The bill has already achieved success in the House, including the passage of measures challenging the Securities and Exchange Commission's (SEC) crypto accounting policies.

During the DC Blockchain Summit, McHenry stated, "We will have this bill on the House floor next week for a vote." The bill's progress heavily relies on bipartisan support, a point underscored by McHenry at the summit. The success of FIT21 in the House could significantly impact its journey through the Senate.

Rep. French Hill, who leads a crypto subcommittee and is seen as a potential successor to McHenry, expressed optimism about bipartisan backing for the bill. He highlighted that 21 Democrats previously supported a move to overturn the SEC's contentious crypto accounting provision, despite President Joe Biden's veto threat.

FIT21 is a response to President Biden's executive order urging legislative action in the cryptocurrency sector. The bill aims to establish a more regulated market for digital assets in the U.S., offering clarity and stability for the industry's operations.

While the House appears ready to pass FIT21, its fate in the Senate remains uncertain. McHenry suggested that the lame-duck session of Congress, following the November elections and preceding the new Congress, could bring unexpected developments. It is common for bills to be attached to other legislation to navigate the legislative process. The House vote on FIT21 will play a crucial role in shaping the Senate's approach to the bill.