Urgent Call: Pass 'Crypto Commodity Classification Act' Before Election, Says House Financial Services Chair
CryptoNewsTerminal Staff31 May, 2024
Urgent Call: Pass 'Crypto Commodity Classification Act' Before Election, Says House Financial Services Chair
Chairman McHenry Urges Senate Action on Crypto Legislation In a recent Bloomberg interview, Patrick McHenry, Chairman of the U.S. House Financial Services Committee, emphasized the need for the Senate to pass the Financial Innovation and Technology Act of the 21st Century (FIT21) before the November elections. FIT21: Classifying Crypto as Commodities FIT21, if passed, would establish a framework for classifying cryptocurrencies as commodities, rather than securities. This distinction is crucial for the development of the crypto industry, as it would remove regulatory uncertainty and allow for more innovation. Bipartisan Support and Urgent Action McHenry highlighted the bipartisan support FIT21 received in the House, underscoring the industry's recognition of the need for a clear regulatory path. He expressed a sense of urgency, emphasizing that Senate action is essential before the election to ensure the U.S. remains a leader in the digital asset and crypto space.
