Senate Majority Leader Chuck Schumer Sets Goal to Pass Cryptocurrency Bill by Year’s End

adminAugust 15, 2024

Senate Majority Leader Chuck Schumer has said he plans to pass legislation regulating cryptocurrencies by the end of the year.

“Congress has a responsibility to provide common sense and sound regulation,” the New York Democrat said at a Crypto4Harris town hall Wednesday night.

“My goal is to get it through the Senate by the end of the year and become law, and I believe we can do that,” Schumer said. “I think we need to strike a balance between encouraging innovation and providing common-sense protections for cryptocurrencies.”

Lawmakers in Washington are drafting several bills to regulate cryptocurrencies, but they have yet to reach President Joe Biden’s desk. In the Senate, lawmakers are drafting legislation to regulate the cryptocurrency industry. Senators Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.) bill In April, a bill was passed that would block algorithmic stablecoins while also creating a framework for stablecoins. Michigan Democrat Debbie Staverno, chair of the Senate Agriculture Committee, is also involved in the effort. bill Cryptocurrency regulations expected to be reactivated in September.

On the House side, the members Passed In May, the Republican-led Crypto Market Structure Act would give the Commodity Futures Trading Commission new jurisdiction over “digital commodities” and would allow the Securities and Exchange Commission to oversee digital assets offered as part of investment contracts. Seventy-one Democratic lawmakers, including former House Speaker Nancy Pelosi of California, voted to support the bill. Work is also underway on legislation to regulate stablecoins.

Schumer pointed to his past track record of passing bipartisan legislation. Cryptocurrency legislation must have safeguards that both promote innovation and prevent the technology from being manipulated. Lawmakers in Washington cannot afford to “stick their heads in the sand and do nothing” and “continue to sit on the sidelines,” he said.

“Unfortunately, there are many members of Congress today who would rather build their political brand on spectacle and sensationalism than on doing the hard work of legislating,” Schumer said. “Nevertheless, it is absolutely possible to pass legislation this year, even in these divided times. I know because I have done it again and again as majority leader.”

“Cryptocurrencies are not going away, no matter what happens, and Congress needs to fix this,” Schumer added.

Harris vs. Trump

Crypto4Harris is X pageIt describes itself as “a grassroots network of cryptocurrency advocates organizing, fundraising, and developing a nuanced cryptocurrency policy approach for the Harris Poll presidential campaign.” Organizing this effort began a few weeks ago.

Cryptocurrencies have solidified their place in the upcoming election season, with millions of dollars pouring into super political action committees and presidential candidate Donald Trump telling voters he will end the “illegal and un-American crackdown” on the U.S. cryptocurrency industry. The former president has also made inroads into the industry by choosing crypto-friendly policies. JD Vance As his running mate I promised To advocate for Bitcoin miners in June.

Meanwhile, candidate Harris Reach A source who spoke with her campaign team said she wanted to get into the crypto industry and learn more about it. Harris has yet to take a formal stance on cryptocurrencies.

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adminAugust 15, 2024