Senate Majority Leader Chuck Schumer (D-N.Y.) has expressed optimism that the U.S. may see significant crypto legislation by the end of the year, though he acknowledges the challenges ahead. His comments came during a virtual event hosted by Crypto4Harris, a group rallying support for Vice President Kamala Harris as a pro-crypto presidential contender in the upcoming election.
“We all believe in the future of crypto,” Schumer stated, emphasizing the need for bipartisan efforts to establish sound regulations. Schumer’s remarks come at a critical time as the House of Representatives has already made progress in passing crypto-related bills, while the Senate has yet to match this momentum.
The event, although absent of Harris herself, featured several Democratic lawmakers who echoed the sentiment that the U.S. must act swiftly to regulate the burgeoning crypto industry. Schumer pointed to the Financial Innovation and Technology for the 21st Century Act (FIT21), a bill passed by the House and spearheaded by Rep. Patrick McHenry (R-N.C.), as a potential starting point for Senate discussions.
Despite the optimism, Schumer faces significant obstacles. The legislative session is rapidly approaching the general election, leaving little time for major policy initiatives. Schumer, however, remains undeterred, stating his goal of getting a crypto bill passed out of the Senate and signed into law by the year’s end.
“We have a responsibility to provide common sense and sound regulation on crypto, and we need your support to make sure that any proposal is bipartisan,” Schumer added. His comments highlight the growing importance of crypto in U.S. politics, especially as the 2024 election looms.
The event also saw prominent figures like Anthony Scaramucci and Congressman Wiley Nickel (D-N.C.) advocating for a bipartisan approach to crypto regulation. Scaramucci, who briefly served as President Trump’s press secretary, called for the industry to remain “less tribal” and focus on policies that benefit everyone.
While Vice President Harris has yet to make any formal policy statements on digital assets, her campaign appears to be listening closely to the crypto community. The Crypto4Harris event is one of several early efforts to rally crypto-world backing for Harris, especially after former President Donald Trump seemed to be gaining traction as the industry’s preferred candidate.
Sen. Debbie Stabenow (D-Mich.), chair of the Senate Agriculture Committee, emphasized the need for a regulatory framework that protects consumers while fostering innovation. She suggested that the Commodity Futures Trading Commission (CFTC) could play a key role in overseeing crypto commodities, a position that some in the industry view as more favorable than the Securities and Exchange Commission’s (SEC) approach.
Also Read: Lawmakers Push CFTC To Ban Election Betting: $1 Billion In Wagers Threaten U.S. Democracy
Billionaire Mark Cuban, a vocal supporter of Harris, criticized Trump and the Republicans for allegedly using crypto to enrich their allies. “They just want to see the Bitcoin maxis get richer,” Cuban said, underscoring the political divide within the crypto space.
As the 2024 election season heats up, the crypto community is watching closely to see how candidates, especially Harris, will position themselves on this critical issue. While Schumer’s optimism is encouraging for crypto advocates, the path to meaningful legislation remains uncertain, with time running short in this congressional session.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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