U.S. Senate Majority Leader Chuck Schumer announced on Wednesday that he expects crypto legislation to be pushed through this year.
Speaking at the Town Hall event organized by Crypto4Kamala, Schumer said that Congress needs to put together a bill that addresses the growing cryptocurrency market.
The event was the first show of support from crypto lovers for Kamala Harris, the Democratic nominee in the run-up to the 2024 presidential election.
Schumer emphasized the need for common-sense regulation. “Congress has a responsibility to provide sound regulation on crypto,” he said.
Kamala Harris
The Senator is firm in his belief that something must be done, but he did not detail what exactly the bill would include or which proposals might get the green light.
Kamala Harris and the crypto connection
Kamala herself wasn’t present at the event, but several Democratic lawmakers took the opportunity to voice their support for her potential leadership in crypto regulation.
Crypto4Kamala, the group behind the event, is one of the early efforts to rally crypto enthusiasts behind Kamala, especially after months of speculation that former Donald Trump is the industry’s preferred candidate.
Though Kamala hasn’t officially addressed the crypto community, and her campaign hasn’t made any concrete policy statements about crypto, her supporters are pushing for her to take the lead on this issue.
During the event, Congressman Wiley Nickel said that:
“There’s only one candidate running for president who’s called crypto a scam, and that’s Donald Trump.”
Other lawmakers, like Senator Debbie Stabenow, who chairs the Senate Agriculture Committee, chimed in, stating the need for a regulatory framework that both protects consumers and allows the industry to grow.
Stabenow pointed to the Commodity Futures Trading Commission (CFTC) as a potentially favorable regulator for crypto, in contrast to the SEC, which has been more aggressive in its approach.
The congressional session is quickly running out of time as the 2024 general election approaches, making it difficult to gain traction on major policy issues.
While the House of Representatives has made some headway in passing crypto-related bills, the Senate has been slower to act.
Schumer did reference the Financial Innovation and Technology for the 21st Century Act (FIT21), a bill that has already passed in the House and was championed by Rep. Patrick McHenry.
He also mentioned that a new bill is being developed in the Senate Agriculture Committee, although he stopped short of endorsing either measure.
Despite all these, Schumer reiterated his goal to have a bill passed and signed into law by the end of the year. He believes that regardless of the challenges, the push for crypto regulation isn’t going away. He added that:
“I want to bring members on both sides of the aisle here in the Senate together, create momentum so we can pass sensible legislation that helps the United States maintain its status as the most innovative country in the world.”
Former White House Communications Director Anthony Scaramucci was also present at the event. Scaramucci shared a desire for crypto to remain a bipartisan issue, urging against the industry becoming too divided along party lines.
