Key Points
- The US Senate could pass a bipartisan cryptocurrency regulation bill before the end of the year.
- The crypto industry is playing a significant role in the 2024 presidential and Senate elections.
Senate Majority Leader Chuck Schumer has expressed hope that cryptocurrency regulation legislation might be passed by the US Senate before the year ends. This is happening as the country gears up for the upcoming presidential elections in November.
Schumer shared his optimism during a virtual town hall event named “Crypto4Harris” that took place on August 14. He emphasized the necessity of sensible cryptocurrency legislation, stating that passing such a bill this year is a realistic goal.
Event Participants and Schumer’s Vision
The event was organized to raise funds for Vice President Kamala Harris’s presidential campaign. It featured billionaire investor Mark Cuban, senators Kristen Gillibrand and Senate Agriculture Committee chair Debbie Stabenow. However, Harris did not attend the event.
Stabenow is currently supervising the progress of a bipartisan crypto bill. Schumer outlined his vision for crypto regulation, aiming to unite members from both political parties to pass legislation that ensures the U.S. remains a leader in technological innovation.
Schumer’s support for the crypto sector isn’t new; earlier this year, he worked with Republicans to overturn regulatory guidelines viewed as too restrictive by the industry. His recent statements signal a stronger commitment to digital currencies, asserting that “Crypto is here to stay no matter what. So Congress must get it right.”
Views on Crypto and the 2024 Elections
While Harris has not publicly shared her views on cryptocurrency, other Democratic leaders hint at a favorable approach. Senator Gillibrand suggested that a Harris administration would likely adopt a “balanced approach” to regulating the sector, fostering innovation while ensuring consumer protection.
The crypto community has become a significant voting bloc in the 2024 elections, affecting both the presidential race and key Senate contests. Former President Donald Trump, the Republican nominee, is actively engaging with the crypto sector, despite his earlier dismissive stance on cryptocurrencies.
Harris seems to be fostering relationships with the crypto world by engaging with the industry leaders. However, in late July, Bitcoin Magazine CEO David Bailey alleged that Harris had privately referred to Bitcoin as “money for criminals”. The Official Monetary and Financial Institutions Forum (OMFIF) stated that Harris needs to win the support of crypto enthusiasts to counter Trump’s growing appeal within this community.
Despite these criticisms, Harris appears to be gaining momentum. According to Polymarket, a decentralized prediction market platform, her chances of winning the presidency have increased to 54%, surpassing Trump, whose odds have decreased to 45%, a significant drop from his strong 70% in mid-July.
