Top Democrats change attitude and actively promote cryptocurrency regulations

On August 16, 2024, U.S. Senate Majority Leader Chuck. Chuck Schumer delivered an important speech at the Crypto4Harris online event, announcing plans to push for the passage of a cryptocurrency regulatory bill before the end of this year. This stance symbolizes a major shift in the Democratic Party’s cryptocurrency policy and sends a more friendly signal to the industry.

Schumer emphasized in his speech: "Congress has a responsibility to provide common sense and sound regulations for cryptocurrencies, and we need your support to ensure that any proposals are bipartisan." He said his goal is to have a deadline by the end of the year Let the Senate pass the relevant bill and become law, "I believe we can achieve this goal."

Schumer noted that cryptocurrencies are not just for the elite, with an estimated 20% of Americans using these assets and that number set to grow. He believes that the United States cannot continue to sit on the sidelines, otherwise it will face the risk of an outflow of the cryptocurrency industry.

Although this online event called Crypto4Harris was not officially organized by Kamala Harris’s campaign team, it attracted investors including “Shark Tank” billionaire Mark. Mark Cuban, Wall Street financier Anthony. Many cryptocurrency supporters, including Anthony Scaramucci, participated. The event aims to support Harris Harris' presidential campaign and call on the current government to end its "suppression" of the cryptocurrency industry.

Cryptocurrency becomes key issue in 2024 election

As the 2024 U.S. presidential election approaches, cryptocurrency policy is becoming the focus of attention. Republican candidate Donald Trump has made clear his support for the cryptocurrency industry, promising to end the "illegal and un-American suppression" of the U.S. cryptocurrency industry if elected. Trump also selected J.D. Vance, who supports cryptocurrency, as his running mate and promised to provide support for crypto companies such as Bitcoin miners.

In contrast, Democratic candidate Kamala Harris’ stance on cryptocurrency is unclear. However, according to people familiar with the matter, the Harris campaign team has begun to contact the cryptocurrency industry and expressed its hope to gain a deeper understanding of this industry. Since Harris became the presumptive Democratic nominee, her team has met with prominent crypto companies including Coinbase and Ripple.

Democrats accelerate cryptocurrency policy

Schumer’s comments reflect the changing attitude of top Democrats toward cryptocurrency policy. Prior to this, the Biden administration had rarely talked about cryptocurrencies in public, but had taken a series of actions unfriendly to the crypto industry through agencies such as the Treasury Department and the Securities and Exchange Commission (SEC). Recently, however, there has been a growing awareness within the Democratic Party that this policy may alienate some voters.

Currently, there are several cryptocurrency-related bills being advanced in Congress. Senator Cynthia The bill proposed by Cynthia Lummis and Kirsten Gillibrand aims to ban algorithmic stablecoins while establishing a regulatory framework for stablecoins. Senate Agriculture Committee Chairwoman Debbie Stabenow is also preparing a comprehensive cryptocurrency regulation bill that is expected to be reintroduced in September.

Schumer’s commitment has undoubtedly given a shot in the arm to the cryptocurrency industry. However, industry insiders are still waiting for a clearer policy statement. Circle CEO Jeremy Allaire said in an interview with CNBC that the Harris team is actively contacting industry experts to gain a deeper understanding of digital assets. He emphasized that the industry needs political leaders to make clear policy statements.

As the 2024 presidential election approaches, cryptocurrency policy will undoubtedly be an important factor shaping the economic narrative of the campaign. Whether the Democratic Party can win the support of crypto voters by actively formulating friendly policies will become one of the keys to the election.