U.S. Senate majority leader, Senator Chuck Schumer, has been accused of excluding cryptocurrency from his legislative priorities contrary to his earlier commitment to do so this year.
In a recent X post, Fox News journalist Eleanor Terrett pointed out that Senator Schumer’s latest “Dear Colleague” letter to his fellow Demcract Party Senate colleagues on what the latest bipartisan agenda looks like included legislative priorities such as rail safety, insulin prices, and artificial intelligence but notably omitted cryptocurrency.
Notably, Schumer had suggested that passing a bipartisan crypto regulation bill by year-end was achievable during recent “Crypto4Harris” town hall. In his speech, Schumer emphasized that the U.S. cannot afford to “sit on the sidelines” and risk having “crypto go overseas.” He stated:
“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.”
However, Schumer letter’s omission of cryptocurrency has drawn criticism from some members of the crypto community on X. who view it as a sign of insufficient commitment to cryptocurrency issues from the Biden-Harris administration.
One X user called the senator a “hypocrite,” while another remarked that his statement about passing meaningful crypto regulation was “lip service” aimed at garnering votes during the reelection campaign.
Si. His statement about passing meaningful crypto regulation during this Congressional session was lipservice to garner votes via reelection misdirection. https://t.co/q1XBkdb9S5
— RichaRd (@Inspironator) September 9, 2024
We see you @SenSchumer We watch what you and your Democrats do, not what you say. #Hypocrites https://t.co/4OICkRar4F
— Richard Ciesco (@Rich_Ciesco) September 9, 2024
Another user on X noted that Vice President Harris had not “said a word about” cryptocurrency and criticized recent actions by her “colleagues” as unsupportive. Another user accused the Biden-Harris administration of leveraging crypto-related events for political donations without intending meaningful engagement.
Recently, with President Joe Biden stepping aside and endorsing Vice President Kamala Harris for the upcoming presidential race, Democrats have been striving to adopt a more crypto-friendly stance. At the same time, Republican candidate Donald Trump has made notable overtures to the crypto community, including a pledge to create a national Bitcoin reserve if elected.
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