At a gathering of advocates for Vice President Kamala Harris from the digital asset sector, Senate Majority Leader Charles Schumer stated that he hopes to see crypto regulations in the US put into law this year.
Along with a group of Democratic senators and businessmen, including billionaire Mark Cuban, Schumer participated in the “Crypto4Harris” event on Wednesday evening.
In order to maintain the United States’ position as the most innovative nation in the world, Schumer stated that he hoped to see regulations enacted by the end of 2024. He sought to unite senators from both parties in the Senate and create momentum for the passage of reasonable legislation.
The grassroots event was held at the same time as Harris is trying to mend fences with the cryptocurrency community, large portions of whom have been supporting former President Donald Trump lately. In addition to pledging to remove Securities and Exchange Commission chief Gary Gensler, who has spearheaded a campaign against US cryptocurrency companies, Trump recently declared at a Bitcoin conference in Nashville that he would turn the US into the “crypto capital” of the world if elected.
The Democratic contender Harris has not yet stated her position on the digital asset market, but the Financial Times revealed in July that her advisors had contacted cryptocurrency firms looking for a “reset” in their relationship.
In her remarks to Harris’s supporters, Michigan Democratic Senator Debbie Stabenow stated that she wished to “reaffirm” that the United States is dedicated to retaining this innovation, fostering its growth, and safeguarding the interests of its customers.
Both parties receive a significant portion of their political funding from the cryptocurrency sector; in 2024, spending will eclipse that of prior election cycles. Federal Election Commission reports show that Protect Progress and its affiliated pro-crypto super PACs, Fairshake and Defend American Jobs, have raised a combined $170 million.
This year, Schumer stated that he intends to move “sensible, long-lasting legislation” through the Senate, where regulations that have been introduced have frequently been delayed. He thinks we can accomplish that. No matter what, cryptocurrency is here to stay, he continued.
