US Senate Majority Leader Chuck Schumer (D-NY) has committed to passing crypto legislation before the year concludes. During a virtual town hall meeting on Wednesday, Schumer emphasized the need for bipartisan support to ensure the passage of a pro-crypto bill, particularly if Kamala Harris becomes the next President.
Crypto4Harris Event Highlights
The 90-minute online town hall, dubbed Crypto4Harris, featured Senator Kirsten Gillibrand as the keynote speaker. The event also included participation from other US Senate and House of Representatives members, as well as state governors.
Schumer highlighted Congress’s responsibility to establish “common sense and sound regulation” in the crypto industry. He stressed the importance of balancing the promotion of crypto innovation with the implementation of reasonable safeguards.
“My objective is to get something passed out of the Senate and into law by the end of the year, and I believe we can achieve that,” Schumer stated.
He further cautioned that inaction could result in crypto moving to countries with little to no regulation.
Crypto Legislation Should Be Bipartisan
The event aimed to “reset” the current administration’s approach to crypto, focusing on the potential future under Vice President Kamala Harris. The discussion centered around the idea that crypto legislation should not be partisan.
Anthony Scaramucci, founder of crypto-focused SkyBridge Capital, voiced his support for bipartisan regulation, stating, “We want to make cryptocurrency regulation positive and bipartisan.”
Rep. Wiley Nickel (D-NC) criticized opposition presidential hopeful Donald Trump for initially dismissing crypto as a scam but later supporting it to gain votes. “Digital assets and blockchain technology are not partisan issues,” Nickel remarked. “Turning this into a political football will only set us back decades in Congress.”
Billionaire and Shark Tank personality Mark Cuban echoed these sentiments, emphasizing that crypto is not exclusive to the elite but rather a tool for egalitarianism.
Multiple Crypto Bills in Progress
Lawmakers in Washington are currently working on various crypto regulation bills, though none have yet reached President Joe Biden’s desk. In April, Senators Cynthia Lummis and Kirsten Gillibrand introduced legislation to prohibit unbacked algorithmic stablecoins and define how stablecoins should operate in the US.
Additionally, Senate Agriculture Committee Chair Debbie Stabenow is working on a crypto-focused bill, with discussions expected to resume in September.
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