US Crypto Bill Could ‘Happen’ With Harris-Senator Schumer’s Support

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Senate Majority Leader Chuck Schumer has set an ambitious goal of passing bipartisan cryptocurrency legislation by the end of the year, signaling a potential shift in the Democratic Party’s stance on digital assets.

Speaking at a virtual town hall hosted by Crypto4Harris, a grassroots organization advocating for Vice President Kamala Harris’ presidential campaign, Schumer emphasized the need for “common sense and strong regulation” in the crypto industry.

The New York Democrat said, “Congress has a responsibility to provide common sense and sound regulation around crypto, and we need your support to ensure any proposal is bipartisan.”

Schumer’s comments come as the crypto industry seeks political allies ahead of the 2024 presidential election. While former President Donald Trump recently positioned himself as pro-crypto, the Biden administration’s approach has been marked by regulatory challenges and legal battles with players from industry.

The Senate Majority Leader expressed optimism about passing legislation despite the upcoming election, saying:

“My goal is to get something out of the Senate and into law by the end of the year, and I think we can make that happen.”

He referenced the Financial Technology and Innovation for the 21st Century Act (FIT21), which was recently passed by the House, and mentioned an upcoming bill from the Senate Agriculture Committee. The same day the act was passed, the White House released a statement against it.

Several lawmakers and industry figures attended the Crypto4Harris event, including Sen. Kirsten Gillibrand (DN.Y.) and billionaire Mark Cuban. While Harris herself was not in attendance and did not make any public statements regarding crypto policy, her supporters suggested she would take a more pro-industry approach than the current administration.

The push for crypto legislation faces several obstacles, including a divided Congress and the looming general election. Still, Schumer insisted progress is possible, citing his track record of passing bipartisan bills.

“Unfortunately, there are a lot of members in Congress today who have built their political brands around spectacle and sensationalism instead of doing the hard work of legislation,” he said. “However, passing legislation this year is entirely possible, even in these divisive times,” Schumer adds.

Crypto industry political action committees such as Fairshake have actively supported both Democratic and Republican candidates in congressional races. However, they have not yet become directly involved in the presidential campaign.

The industry continues to seek clarity and support from potential presidential candidates, and Harris’ campaign appears to be making tentative moves to engage with crypto advocates. A source close to her campaign team indicated that Harris is open to learning more about the technology and its implications.

Schumer emphasized the importance of balancing innovation with consumer protection and national security concerns.

“We cannot afford to continue to sit on the sidelines, because then we risk crypto going overseas to countries with the lowest common denominator, where there will be no regulation,” he warned.

With several cryptocurrency-related bills in various stages of development in both the House and Senate, the coming months will be crucial in determining the future regulatory landscape for digital assets in the United States.

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