- The SEC and President Joe Biden were among those who opposed the measure.
- There is no deadline by which the Senate must make a decision on FIT21.
Patrick McHenry, a Republican senator from the United States, has pushed the Senate to approve a landmark bill regulating cryptocurrency before the November presidential election. On May 22, with 71 Democrats and 208 Republicans in support, the Financial Innovation and Technology for the 21st Century Act (FIT21) was approved by the House.
According to an interview the House Financial Services Chairman gave to Bloomberg’s Balance of Power on May 30, he said, “This should be a wake-up call for the Senate that they need to get on with this.” The chairman will be leaving Congress in January.
No Deadline to Make Decision
Most cryptocurrency might soon be regulated by the Commodity Futures Trading Commission as a commodity according to this measure. If a cryptocurrency isn’t sufficiently decentralized, the SEC would still have jurisdiction over it, but the CFTC is seen by the crypto sector as a more crypto-friendly regulator.
When McHenry first received word from the Senate on FIT21, they expressed surprise at “the wide margin” by which the measure had cleared the House. The SEC and President Joe Biden were among those who opposed the measure.
In contrast to the 49 Republicans in the Senate, the 48 Democrats led by Majority Leader Chuck Schumer caucus with all three of the chamber’s independents. There is no deadline by which the Senate must make a decision on FIT21. To be approved, it needs the support of 51 senators, which is the majority.
Although McHenry and Democratic Representative Maxine Waters have been collaborating on a stablecoin measure for over two years, they have both acknowledged that it will need to be bundled with larger legislation in order to be approved by the Senate.
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