U.S. Senate Majority Leader Chuck Schumer has stated he is working towards passing comprehensive cryptocurrency legislation by the end of 2024.
The Senator revealed this during a virtual town hall hosted by Crypto4Harris, a group advocating pro-crypto policies for Democratic presidential candidate Kamala Harris. The event was attended by notable figures such as Senators Kirsten Gillibrand and Debbie Stabenow, Colorado Governor Jared Polis, and investor Mark Cuban.
Senator Schumer warned about the risk of the U.S. losing its competitive edge in digital asset regulation and stressed the importance of fostering innovation while implementing user safeguards. He emphasized his commitment to advancing a bipartisan crypto bill through the Senate and securing its enactment within the year.
“My goal is to get something passed out of the Senate and into law by the end of the year, and I believe we can make that happen. We should strike a balance for crypto between promoting innovation and providing common-sense guardrails.”
Schumer reportedly stated.
Schumer asserted that only Congress can establish the regulatory framework needed to prevent bad actors’ misuse of crypto and blockchain technology.
Florida Congressman Darren Soto, a member of the Congressional Blockchain Caucus, also urged Vice President Kamala Harris to take decisive action on crypto policy, advocating for the repeal and reform of the SEC’s Staff Accounting Bulletin 121 and the passage of FIT21, a bill designed to establish clear regulations for cryptocurrencies.
These developments follow recent objections from the White House to such legislation. In May, the administration opposed the bill, citing concerns about its impact on the U.S. crypto regulatory framework.
With President Joe Biden stepping aside and endorsing Vice President Kamala Harris for the upcoming presidential race, Democrats have been working to present a more crypto-friendly image. Meanwhile, their Republican contender Donald Trump has made significant gestures toward the crypto community, including promising to establish a national Bitcoin reserve if elected.
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