Senate Majority Leader Schumer Intends to Pass Crypto Legislation This Year

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Sujha Sundararajan

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Sujha Sundararajan

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Last updated:

August 15, 2024 00:22 EDT

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The US Senate Majority Leader Chuck Schumer (D-NY), has vowed to pass crypto legislation by the end of this year. Speaking during a virtual town hall meeting on Wednesday, Schumer sought for a bipartisan support to pass a pro-crypto bill if Kamala is elected as the next President.

The Crypto4Harris 90-minute online town hall also saw Senator Kirsten Gillibrand delivering the keynote. Besides, other members of the US Senate and House of Representatives, state governors, turned up for the livestream.

During the meet, Schumer stressed that the Congress holds responsibility to provide “common sense and sound regulation.” He also emphasized that there should be a balance between promoting crypto innovation and providing common sense guardrails.

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

Further, he explained that failing to act would “risk crypto going overseas to lowest common denominator countries,” where there wouldn’t be crypto regulation at all.

Crypto Legislation Should be Bipartisan

The Crypto4Harris event was themed to “reset” with the current Vice President Kamala Harris and her future administration. The event focused on the fact that the crypto bill does not belong to one party.

Anthony Scaramucci, founder of crypto-focused SkyBridge Capital, said that he is speaking for his friends and colleagues in the industry.

“We want to make cryptocurrency regulation positive and bipartisan.”

During the talk, Rep. Wiley Nickel (D-NC) slammed opposition presidential hopeful Donald Trump for calling “crypto a scam” initially and supporting the asset class to win the elections later.

“Digital assets and blockchain technology is not a partisan issue,” Nickel said. “Turning this into a political football is only going to set us back just decades in Congress, so that’s been my focus, making sure we keep this as a bipartisan issue.”

Billionaire and Shark Tank personality Mark Cuban voiced out his support for crypto, stressing that it is not an asset for the elite class alone.

“Crypto is not about the elite—it’s about egalitarianism—and that’s such a huge opportunity for us because the rest of us need crypto, and the Republicans couldn’t care less.”

Multiple Crypto Bills in Action

Washington lawmakers are working on various crypto regulation bills, however, the bills haven’t passed President Joe Biden’s desk.

Elsewhere in the Senate, Sen. Cynthia Lummis and Sen. Kirsten Gillibrand introduced a legislation in April. The bill prohibited unbacked algorithmic stablecoins, aiming to define how stablecoins operate in the US.

Additionally, Debbie Stabenow, Senate Agriculture Committee Chair, is also working on a crypto-focused bill. The legislation work may resume in September.