According to TechFlow, U.S. Senate Majority Leader Chuck Schumer said at an online event organized by Crypto4Harris that cryptocurrency legislation is expected to be passed this year.
Schumer emphasized: "We all believe in the future of cryptocurrencies. Congress has the responsibility to provide common-sense and reasonable regulation for cryptocurrencies, and we need your support to ensure that any proposal is bipartisan." He said the goal is to pass and sign the bill before the end of the year, but did not specify the content of the bill.
Schumer mentioned the Financial Innovation and Technology for the 21st Century Act (FIT21), which was passed by the House of Representatives, and a bill being developed by the Senate Agriculture Committee.
Several Democratic lawmakers attended the event and expressed their support for the cryptocurrency industry. Senate Agriculture Committee Chairwoman Debbie Stabenow said the goal is to "provide a structure that both protects consumers and allows innovation to flourish." However, with the election approaching, major policy progress faces many practical obstacles.
