Senate Majority Leader Hints At US Crypto Legislation By Year-End

Senate Majority Leader Chuck Schumer expressed optimism about the possibility of passing a bipartisan crypto regulation bill by the end of the year.

His remarks came during a virtual town hall event aimed at fundraising for Vice President Kamala Harris’s presidential campaign, on 14 August 2024.

“Passing legislation this year is absolutely possible, even in these divided times,” Schumer said during the event . The remarks come as the cryptocurrency industry has long been caught in a state of legislative uncertainty in the US.

The event, dubbed “Crypto4Harris,” saw participation from notable figures, including billionaire Mark Cuban, New York Senator Kirsten Gillibrand, and Michigan Senator Debbie Stabenow, who chairs the Senate Agriculture Committee.

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Bipartisan Cooperation Needed For Crypto Regulation

Schumer emphasized the importance of bipartisan cooperation in shaping crypto regulation. “My goal when it comes to crypto regulation is this: I want to bring members on both sides of the aisle here in the Senate together,” he said.

Notably, Schumer’s support for the cryptocurrency industry is not new. Earlier this year, he collaborated with Republicans to overturn regulatory guidelines deemed too stringent by the sector.

During the event, he also showed his strong endorsement of the industry. “Crypto is here to stay no matter what. So Congress must get it right,” he affirmed.

BREAKING: 🇺🇸 U.S. MAJORITY LEADER OF THE SENATE CHUCK SCHUMER COMMITS TO PASSING CRYPTO LEGISLATION IN 2024!💥📈

“I Believe That Congress Has A Responsibility To Provide Common Sense and Sound Regulation On Crypto.” — @SenSchumer

“My Goal Is To Have Something Passed Through… pic.twitter.com/g1wBT8ZcNn

— Good Morning Crypto (@AbsGMCrypto) August 15, 2024

The virtual event was hosted by Sheila Warren, CEO of the Crypto Council for Innovation, and marked the latest in a series of efforts to rally support for Harris among various constituencies.

The event also featured participation from Democratic Senate candidates, including Rep. Elissa Slotkin, who is vying to replace the retiring Stabenow in Michigan, and Rep. Adam Schiff, the frontrunner for an open Senate seat in California. Colorado Governor Jared Polis and Rep. Wiley Nickel of North Carolina were also present on the call.

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Harris Did Not Attend the Event

Notably, Harris did not participate in the event. However, several Democratic Party members expressed their commitment to establishing a regulatory framework that would nurture innovation within the crypto industry under a potential Harris administration.

Senator Gillibrand, in a pre-recorded message, assured that a future Harris administration would pursue a “balanced approach” to crypto regulation.

While Schumer has yet to signal his backing for any specific crypto bill, the presence of Senator Stabenow at the town hall event could indicate his leaning towards her legislation. The emerging pro-crypto voting bloc has become increasingly influential in the 2024 elections, with both Democratic and Republican candidates courting this sector.

Former President Donald Trump, the Republican presidential nominee, has recently shifted his stance on cryptocurrencies, appealing to the crypto sector in public speeches.

Meanwhile, Representatives Ro Khanna and Wiley Nickel have indicated ongoing discussions with the Harris campaign team regarding crypto policy, hinting at a possible forthcoming announcement from Harris.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.