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Senate Majority Leader Chuck Schumer said that a bipartisan bill on crypto regulation could be passed by the Senate before year-end.
As the United States approaches the highly anticipated presidential elections this November, the crypto industry might soon see the long-awaited clarity it has been demanding. Senate Majority Leader Chuck Schumer has expressed optimism that a bipartisan bill on cryptocurrency regulation could be passed by the Senate before the end of the year.
During a virtual town hall event titled “Crypto4Harris” on August 14, Schumer noted the importance of passing sensible cryptocurrency legislation. “Passing legislation this year is absolutely possible, even in these divided times,” he stated.
The event, which aimed to raise funds for Vice President Kamala Harris’s presidential campaign, also featured billionaire investor Mark Cuban and prominent senators like Kristen Gillibrand and Senate Agriculture Committee chair Debbie Stabenow. However, Harris did not participate in the event.
Notably, Stabenow is currently overseeing the progress of a bipartisan crypto bill.
Schumer outlined his vision for crypto regulation, aiming to bring together members from both sides of the aisle to pass legislation that ensures the U.S. remains a leader in technological innovation.
Schumer’s endorsement of the crypto sector is not entirely new; earlier this year, he collaborated with Republicans to overturn regulatory guidelines deemed too restrictive by the industry. However, his recent statements go beyond what many on Capitol Hill expected, signaling a more robust commitment to digital currencies. “Crypto is here to stay no matter what. So Congress must get it right,” he affirmed.
Harris’s Views on Crypto
Although Harris has yet to publicly articulate her views on cryptocurrency, other Democratic leaders have hinted at a favorable approach. In a pre-recorded message, Senator Gillibrand suggested that a Harris administration would likely adopt a “balanced approach” to regulating the sector, one that fosters innovation while ensuring consumer protection.
The crypto community has emerged as a significant voting bloc in the 2024 elections, influencing both the presidential race and key Senate contests. Interestingly, former President Donald Trump, the Republican nominee, is actively engaging with the crypto sector, despite his earlier dismissive stance on cryptocurrencies.
On the other hand, Harris seems to be amending relationships with the crypto world by engaging with the industry leaders. However, in late July, Bitcoin Magazine CEO David Bailey publicly alleged that Harris had privately referred to Bitcoin as “money for criminals”. The Official Monetary and Financial Institutions Forum (OMFIF) has stated that Harris needs to garner the support of crypto enthusiasts to counter Trump’s growing appeal within this community.
Despite these criticisms, Harris appears to be gaining traction. According to Polymarket, a decentralized prediction market platform, her chances of winning the presidency have climbed to 54%, surpassing Trump, whose odds have declined to 45%, a significant drop from his strong 70% in mid-July.
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