According to Odaily, Outgoing Republican Congressman Patrick McHenry is pressuring 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 approved by the House of Representatives on May 22, with 71 Democrats and 208 Republicans in favor.
The Chairman of the House Financial Services Committee, who is set to retire from Congress in January next year, told Bloomberg's 'Power Balance' magazine on May 30: 'This should sound an alarm for the Senate, they need to continue dealing with this matter, need to focus on policy-making, and complete it before the election.'