Anika Begay
In a notable reversal, U.S. Senate Majority Leader Chuck Schumer has pledged to prioritize passing cryptocurrency-focused legislation by the end of 2024, as digital assets take center stage in this year’s White House race.
Schumer Announces Bipartisan Push for Cryptocurrency Regulations
According to Bloomberg relationshipSchumer, a Democrat from New York, made the announcement Wednesday night at a “Crypto4Harris” event, signaling growing support for the digital asset industry within the party. However, Vice President Harris has yet to clearly define her policy positions on digital assets.
“I want to bring together members of both sides of the aisle here in the Senate to build momentum so that we can pass meaningful legislation that will help the United States maintain its status as the most innovative country in the world,” Schumer told an assembled crowd of lawmakers and cryptocurrency entrepreneurs, including billionaire Mark Cuban.
Schumer’s pro-crypto stance is a marked departure from the Senate’s previous skepticism of the sector. The majority leader’s remarks come in his capacity as vice president My life is beautifulDemocratic frontrunner for the 2024 presidential election, aims to reconnect with the digital asset community, many of which have rallied behind former President Donald Trump in recent months.
Trump has taken an increasingly bullish stance on cryptocurrencies, promising to make the U.S. the “crypto capital of the world” and vowing to fire Securities and Exchange Commission Chairman Gary Gensler, who led the repression on U.S. companies, on the first day of his potential new term in the White House.
Additionally, Donald Trump has promised to be the first “cryptocurrency president,” with ideas such as using Bitcoin (BTC) to pay the country $35 trillion national debt and the possibility of creating a Bitcoin reserve for the United States, drove Senator Cynthia Lummis’s bill.
Democrats focus on innovation and regulation
Democratic Senator Debbie Stabenow of Michigan, who also attended the Crypto4Harris event, promised to “reaffirm that we are committed to keeping this innovation in the United States, supporting growth while protecting the interests of consumers.”
Schumer also expressed optimism that the Senate could pass “sensible and lasting legislation” on digital assets by the end of the year, a timeline that would provide regulatory clarity before 2024. presidential race“Cryptocurrencies are here to stay, no matter what happens,” he added.
Industry has emerged as a major source of political donations for both parties, with spending expected to eclipse previous election cycles. According to Bloomberg, Protect Progress, along with pro-crypto affiliated super Political Action Committees (PACs) Fairshake and Defend American Jobs, have raised $170 million in total.
However, Trump received most of it Donations from major industry players throughout the year, from Coinbase, Ripple executives, Kraken CEOs, the Winklevoss twins and more, proving that the the former president’s plans have found confirmation in the broader ecosystem.
Featured image from DALL-E, chart from TradingView.com
