Senate Majority Leader Chuck Schumer believes crypto legislation could pass this year.
Schumer made the comment Wednesday (August 14) during an online event for cryptocurrency insiders who support Vice President Kamala Harris for president.
“We all believe in the future of crypto,” said Schumer, whose comments at the Crypto4Harris event were reported by Coindesk.
“Congress has a responsibility to use common sense and bring strong regulation to cryptocurrency, and we need your support to ensure any proposal is bipartisan.”
Harris did not attend the event, but Schumer and other leading Democrats assured the audience that she would support new U.S. cryptocurrency regulations.
The report notes that Crypto4Harris is part of a nascent effort to rally support for the presumptive Democratic nominee after months in which his Republican rival, former President Donald Trump, garnered significant industry support.
Trump, who once called cryptocurrencies a “scam,” has since changed his tune, speaking at a major industry conference last month.
“Trump’s rebranding as a crypto-friendly candidate is part of a broader trend among Republicans to embrace digital currencies and blockchain technology,” PYMNTS wrote ahead of the event.
“This strategy is not only aimed at attracting a young, tech-savvy demographic, but also at tapping into the cryptocurrency industry’s vast financial resources. By aligning with the interests of cryptocurrency enthusiasts, Trump and his party are seeking to harness the political and economic potential of this booming industry.”
Trump’s running mate, Ohio Sen. J.D. Vance, also has a positive view of the cryptocurrency sector. He was among the five dozen senators who voted in May to overturn the Securities and Exchange Commission’s (SEC) guidance on how banks should handle their customers’ crypto assets, requiring them to treat those assets as liabilities. Although the resolution passed, President Joe Biden ultimately vetoed it.
Harris, meanwhile, has not made any policy statements on cryptocurrencies, the Coindesk report said, nor has her campaign officially endorsed digital assets. However, campaign officials apparently tuned in to the online event, the report added.
Coindesk also notes that Schumer’s optimism about passing a bill still faces some hurdles as Congress heads into election season, making any sweeping policy changes harder to achieve. The U.S. House of Representatives passed cryptocurrency legislation this year, though the Senate has not followed suit.
“I believe we can do it,” Schumer said, without going into specifics about what the bill might look like other than “getting something through the Senate.”
