Schumer Sets the Stage for a New Era of Crypto Policy in the US
Date: 2024-08-16 Author: Henry Casey Categories: IN WORLD
At the Crypto4Harris meeting on Wednesday night, Senate Majority Leader Chuck Schumer pledged to advance a cryptocurrency bill by the end of the year. He emphasized the need for common-sense regulation in the space and called for support for the bill to be bipartisan.
The Democratic Party has previously avoided active participation in the cryptocurrency debate, with the Biden administration largely supporting restrictive measures through the Treasury Department and the Securities and Exchange Commission (SEC). Senator Elizabeth Warren, a close ally of SEC Chairman Gary Gensler, has played a key role in shaping the administration’s cryptocurrency policy, which has largely consisted of a crackdown on the industry without a clear understanding of what is and is not allowed in the context of digital assets.
That’s why Schumer’s announcement at the Crypto4Harris event was a landmark event. While it’s unclear whether the bill will become law, its existence alone is a significant step. Even a month ago, before Donald Trump spoke out in Nashville to support Bitcoin, it was not clear that Schumer was even considering drafting such a bill.
The organizers of Crypto4Harris were pleased with the outcome of the meeting. According to one of the organizers, G. Clay Miller, they successfully showed that the crypto community is much broader than the active MAGA supporters online would suggest. He also noted that the main goal of the event was to show that Democrats are interested in addressing crypto issues, despite the Biden administration’s previous actions.
The Harris campaign was reportedly watching the event closely, but the question remains what it will take for Democrats to prove they are serious about changing crypto policy. The exact provisions of Schumer’s bill are not yet known, but bipartisan cooperation is likely. For example, Patrick McHenry, the Republican chairman of the House Financial Services Committee, expressed support for Schumer’s initiative.
Some crypto industry representatives also expressed cautious support, while others remained skeptical. For example, Jake Bruckman, founder and CEO of CoinFund, noted that there were many politicians at the event, but few industry representatives.
At this point, it is difficult to say what will happen next: whether the bill will pass under Schumer’s leadership, whether Harris will receive support from groups like Crypto4Harris, and whether the crypto community’s attitude towards Harris will change. However, one thing is clear: Democrats have started paying attention to crypto politics, and perhaps the crypto electorate, previously inclined to support Trump, will now be divided.
