Can the U.S. Pass a Cryptocurrency Bill This Year? Senator Schumer Expresses Confidence
Date: 2024-08-15 Author: Gabriel Deangelo Categories: IN WORLD
At the Crypto4Harris virtual event held in support of Vice President Kamala Harris’ presidential campaign, Senate Majority Leader Chuck Schumer expressed confidence that Congress will be able to pass a cryptocurrency regulation bill this year. The event brought together crypto industry figures, including such notables as Mark Cuban and Anthony Scaramucci, as well as nearly a dozen other Democratic lawmakers.
Schumer noted that Congress has a responsibility to create reasonable cryptocurrency regulation and emphasized the importance of bipartisan support to successfully advance the bill. Although Harris has not yet spoken out about cryptocurrency policy, her supporters are confident that she will promote the development and regulation of this industry.
Schumer’s enthusiasm for the possible passage of the bill faces several obstacles. In the current Congress, major initiatives are difficult to advance due to the upcoming general elections. While the House has made some strides toward approving cryptocurrency bills, the Senate has lagged behind.
However, Schumer has twice emphasized his goal of getting the bill passed by the Senate and signed into law by the end of the year. He mentioned the FIT21 bill passed by the House under Republican Patrick McHenry and a bill in the Senate Agriculture Committee, but did not explicitly endorse either.
Anthony Scaramucci, CEO of SkyBridge Capital, expressed hope that cryptocurrency will remain nonpartisan and gain bipartisan support. Congressman Wylie Nickel has also come out in support of cryptocurrency and criticized Donald Trump, saying he has called cryptocurrency a scam.
Senator Debbie Stabenow, chair of the Senate Agriculture Committee, said her goal is to create a framework that protects consumers and allows cryptocurrency innovation to flourish. She emphasized that the Commodity Futures Trading Commission, as a more crypto-friendly regulator, should play a key role in this process.
While Harris has not yet expressed her position on cryptocurrency, her supporters insist that she will support the development of this industry. Until then, she will be judged by the achievements of the Biden administration, which has so far failed to create specific regulations for this area.
Crypto4Harris plans to launch a series of “people’s” fundraisers in mid-September to attract support from the crypto community for Harris’ presidential campaign.
