(Bloomberg) -- House Financial Services Chairman Patrick McHenry put the onus on Senate Democrats to move sweeping crypto legislation before the November election.

McHenry said Thursday that bipartisan House passage of crypto market structure legislation this month is a “wakeup call” for the Senate to act. Senate Majority Leader Chuck Schumer’s backing, he said, is similarly needed to reach a deal specifically regulating stablecoins.

“They need to get on with this, they need to stay focused on getting policy here and get it done before the election,” the North Carolina Republican told Bloomberg Television’s “Balance of Power.” 

McHenry, who has been working with Democrat Maxine Waters on both crypto and stablecoin legislation, said any new regulation would likely need to be attached to a larger piece of legislation to move it through the Senate. 

Opponents of the crypto bill have said it’s too friendly to the industry, and the Biden administration said any digital asset legislation needs to blend consumer protections with opportunities for crypto innovation.

McHenry also opposed an idea floated by Senate Banking Chairman Sherrod Brown to tie a stablecoin package to a bipartisan marijuana banking bill. The marijuana legislation is a priority for Schumer. 

“I’m not in favor of the cannabis banking legislation,” McHenry said, noting he has previously voted against it. 

McHenry said he’s also trying to enact a new data privacy law and a package aimed at boosting capital formation before he retires from Congress in January. But he acknowledged it’s difficult to pass legislation in the months before the election. 

--With assistance from Kailey Leinz and Joe Mathieu.

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