Senate Majority Leader Chuck Schumer has announced his goal of passing comprehensive cryptocurrency legislation by the end of 2024. This announcement came during a virtual town hall hosted by Crypto4Harris, a group advocating for pro-crypto policies for Democratic presidential candidate Kamala Harris. Schumer, joined by Senators Kirsten Gillibrand and Debbie Stabenow, Colorado Governor Jared Polis, and investor Mark Cuban, stressed the urgency of advancing a bipartisan crypto bill to address regulatory gaps and maintain the U.S.’s competitive edge in digital assets.
Schumer highlighted that without timely regulation, the U.S. risks losing its leadership in the crypto sector to less regulated offshore jurisdictions. He emphasized the need to strike a balance between promoting innovation in the crypto industry and implementing sensible regulatory safeguards. Schumer compared the proposed crypto regulation to existing frameworks for artificial intelligence, advocating for a similar approach that protects users while encouraging technological advancement. The town hall also featured remarks from Florida Congressman Darren Soto, a member of the Congressional Blockchain Caucus, who called for reforms including the repeal of the SEC’s Staff Accounting Bulletin 121 and the passage of FIT21. These measures aim to provide clearer regulations for the crypto industry. However, the White House has previously opposed FIT21, citing concerns about its impact on the U.S. crypto regulatory framework. The push for crypto legislation aligns with broader Democratic efforts to bolster their image on digital assets, particularly as Vice President Kamala Harris prepares to run for president following President Joe Biden’s withdrawal from the race. In contrast, former President Donald Trump has publicly supported crypto, proposing a Bitcoin national reserve and pledging to fire SEC Chair Gary Gensler, who is often criticized by the crypto community for his regulatory stance.
Reference:
- https://streamyard.com/watch/sQYmFAFn8npY
