In December, at the U.S. Capitol in Washington, D.C., U.S. Vice President Kamala Harris cast the 32nd tiebreaking vote in the Senate, the most ever cast by a vice president, U.S. Senate Majority Leader Chuck · Schumer presented her with a “golden gavel” in May 2023.
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Senate Majority Leader Schumer said on Wednesday that he believed the Senate could realistically pass a bipartisan cryptocurrency regulation bill by the end of the year, bringing new hope to an industry that has been stuck in legislative limbo for years.
“Even in this divisive time, it is absolutely possible to pass legislation this year,” Schumer said during a virtual town hall event designed to help raise funds for Democratic presidential candidate Vice President Kamala Harris.
Dubbed “Crypto4Harris,” the event featured billionaire Mark Cuban and Schumer’s New York Senators Kristen Gillibrand and Michigan Senator Debbie Stabenow. Stabenow chairs the Senate Agriculture Committee, which is considering a bipartisan cryptocurrency bill.
Two Democrats running for Senate seats also attended the event: Rep. Elissa Slotkin, who is running against the retiring Stabenow in Michigan and Rep. Elissa Slotkin, the favorite to win the California vacancy. Rep. Adam Schiff, who holds the seat. Colorado Gov. Jared Polis and North Carolina Rep. Willie Nickel also participated in the call.
“Why are we here today? Because we all support Vice President Kamala Harris to be our next president, and we all believe in the future of cryptocurrency,” Schumer said.
“My goal when it comes to cryptocurrency regulation: I want to bring together members of both parties in the Senate…so we can pass smart legislation that helps the United States maintain its position as the most innovative nation. In the world,” he added.
Schumer’s overall support for cryptocurrencies is not new – he joined the Republican Party earlier this year in overturning regulatory guidance that the industry considered too onerous. But his strong support for digital currencies on Wednesday exceeded the expectations of many on Capitol Hill.
“No matter what, cryptocurrencies are here to stay. So Congress has to get it right,” he said.
Sheila Warren, executive director of the Cryptocurrency Innovation Council, hosted the evening event, the latest in a series of Zoom calls and town hall events aimed at raising funds and solidifying support for Harris among various constituencies.
Harris did not participate in the virtual event, but many members of her party chimed in to reassure the cryptocurrency industry that a potential Harris administration would support the creation of a regulatory framework for the industry to help promote domestic innovation.
Gillibrand said in a pre-recorded speech that a future Harris administration would “understand” and “promote” a “balanced approach” to regulating the industry.
More than 70 House Democrats reached across the aisle in support 21st Century Financial Innovation and Technology Act Which In May this year, the House of Representatives passed. It will next go to the Senate.
Schumer has not yet indicated which bills under consideration he plans to support. But Stabenow’s appearance with Schumer at Wednesday’s town hall could signal that Schumer is leaning toward Stabenow’s legislation.
Over the past few months, the token-savvy voting bloc has emerged as a key player in the 2024 presidential election and key Senate races.
Republican presidential candidate Donald Trump has recently begun catering to the cryptocurrency industry during public speeches on the campaign trail. Last month, after years of being dismissive of Bitcoin and other cryptocurrencies, he also made headlines at Nashville’s largest Bitcoin event of the year, saying the coins were not money and that their value “comes out of thin air.” “.
Harris has yet to express her official views on cryptocurrencies, but Rep. Ro Khanna, D-Calif., and Rep. Nickel, D-Calif., both told CNBC on the sidelines of this year’s flagship Bitcoin conference in Tennessee. , they are in direct dialogue with the cryptocurrency space.
“I think we’re going to hear from Vice President Harris on this very soon. I’m very optimistic that we’re going to have a reset. I think that’s going to go a long way in making a difference,” Rep. Nickell previously said. told CNBC. “This issue is not going anywhere. We have to make sure that we continue to embrace this issue in a bipartisan manner.”
In an effort to court pro-crypto voters, the industry is pouring tens of millions of dollars into key races.
Fairshake, a professional cryptocurrency super PAC, pledged earlier Wednesday to donate $3 million each to Slotkin and Democratic Rep. Ruben Gallego, who is running for a seat in the battleground state of Arizona.
Both are in tight Senate races against Trump-backed candidates for seats that could ultimately determine whether Schumer and his party retain the majority.
Firschak’s financial support of Democratic candidates in these races apparently angered top Republicans, “who view the industry as an ally, not an adversary.” According to NBC.
Robert Mitchnick, head of digital assets at BlackRock, told CNBC that the “biggest thing” he sees in 2024 is that cryptocurrencies are “not only viewed as a more legitimate and important issue,” but that the shift essentially becomes Be more bipartisan.
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