Senate Majority Leader Charles Schumer hopes to have cryptocurrency regulations enacted in the US by the end of 2024.
TakeAway Points:
- Chuck Schumer, the majority leader in the Senate, wants to see bipartisan support for US cryptocurrency legislation passed by the end of 2024.
- Amidst an increase in political donations, Vice President Kamala Harris’s efforts to mend fences with the cryptocurrency industry were brought to light at the “Crypto4Harris” gala.
- “Crypto is here to stay,” according to Schumer, who hopes to pass legislation that is both reasonable and durable in spite of prior setbacks.
Schumer’s drives for Crypto legislation
Speaking at the “Crypto4Harris” event, Schumer emphasized the need for bipartisan support to create “sensible legislation” that would help the U.S. maintain its status as a global leader in innovation. “Crypto is here to stay, no matter what,” Schumer declared, underscoring the urgency of establishing a regulatory framework.
The event, which aimed to rally support for Vice President Kamala Harris, featured prominent figures such as billionaire Mark Cuban and several Democratic lawmakers. Schumer’s remarks come at a time when the crypto industry is increasingly becoming a focal point in the 2024 elections, with significant political donations flowing from the sector to both parties.
Bipartisanship and Obstacles in the Law
Schumer’s optimism about passing a crypto bill this year faces several challenges. The current congressional session is nearing its end, and the general election is fast approaching, making it difficult to achieve significant policy advancements. Despite these hurdles, Schumer remains hopeful.
“Passing legislation this year is absolutely possible, even in these divided times,” he said.
The House of Representatives has already made strides by passing the Financial Innovation and Technology for the 21st Century Act (FIT21), spearheaded by Rep. Patrick McHenry (R-N.C.). However, the Senate has yet to match this progress. Schumer mentioned the FIT21 Act and a yet-to-be-introduced bill being developed in the Senate Agriculture Committee but stopped short of explicitly endorsing either.
Senator Debbie Stabenow (D-Mich.), who chairs the Senate Agriculture Committee, echoed Schumer’s sentiments.
“Our House colleagues have already moved forward a bill. In the Senate, it’s the Democrats that are serious about getting something done,” she said.
Stabenow aims to provide a regulatory structure that protects consumers while allowing innovation to flourish.
Political Dynamics and Industry Support
The crypto industry has become a significant source of political donations, with spending during the 2024 election cycle surpassing previous records. The pro-crypto super PAC Fairshake and its affiliates have raised $170 million, according to Federal Election Commission filings. This financial backing is crucial as both parties vie for the support of the crypto-savvy electorate.
Mark Cuban, a vocal supporter of Harris, criticized former President Donald Trump and the Republican Party for their approach to crypto. “They just want to see the Bitcoin maxis get richer,” Cuban said. In contrast, Schumer and other Democratic lawmakers are positioning themselves as champions of balanced and sensible crypto regulation.
Senator Kirsten Gillibrand (D-N.Y.) and other Democratic lawmakers also participated in the event, emphasizing the need for a balanced approach to regulation.
“A future Harris administration would understand and facilitate a balanced approach to regulating the sector,” Gillibrand said in a pre-taped address.
