Media reports that the outgoing U.S. Republican Congressman Patrick McHenry is pressuring the Senate to pass the FIT21 Cryptocurrency Regulation Act before the November presidential election. On May 22, the "Financial Innovation and Technology Act of the 21st Century" (FIT21) was passed in the House of Representatives with approval from 71 Democrats and 208 Republicans. The Chairman of the House Financial Services Committee, who will retire from Congress in January next year, said to Bloomberg's "Power Balance" magazine on May 30: "This should sound an alarm for the Senate; they need to continue dealing with this matter."