Senate Majority Leader Chuck Schumer (D-N.Y.) hinted that the U.S. might finally get its act together on crypto legislation this year. He dropped this news at the first major event where crypto folks lined up behind Vice President Kamala Harris as their top pick for president.

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During an online forum organized by the Crypto4Haris, Schumer mentioned thateveryone believes in the future of crypto.  The majority leader emphasized that Congress has a responsibility to provide common sense and sound regulation on crypto and that they need support to ensure any proposal is bipartisan.

Several lawmakers stepped in during the forum to assure attendees that Harris was committed to spearheading new and favourable crypto regulations.

What is Crypto4Harris?

Crypto4Harris emerged as one of the  initiatives seeking to garner support from the cryptocurrency community for outgoing vice president and 2024 Democrat presidential hopeful, Harris Khmala. 

This follows a period where former President Donald Trump appeared to be solidifying his position as the preferred candidate within the industry. 

While Harris has yet to make any policy statements regarding digital assets in the U.S., and her campaign has not officially endorsed crypto support; campaign officials were reportedly present at the initial online event, indicating a possible interest in engaging with this sector.

Schumer’s Legislative Drive in the Run-Up to the Election

Schumer’s legislative optimism is like trying to ice skate uphill—full of enthusiasm but facing some  very tough obstacles. 

With Congress hurtling towards the general election, making headway on big policy goals is like trying to find a needle in a haystack. Sure, the House has been patting itself on the back for pushing crypto bills through, but the Senate? Let’s just say they’re still taking baby steps.

However, he has insisted multiple times that they could make it happen, though he is yet to specify what the bill might entail beyond getting "something passed out of the Senate."

Better yet, he did reiterate his goal twice, emphasizing his mission to have a bill passed out of the Senate and signed into law by the end of 2024.. 

He referenced the Financial Innovation and Technology for the 21st Century Act (FIT21), a House-passed bill led by Rep. Patrick McHenry (R-N.C.), and mentioned a bill still in development by the Senate Agriculture Committee. However, he stopped short of explicitly endorsing either piece of legislation.

"Anthony Scaramucci, of SkyBridge Capital and former Trump press secretary, expressed his hope for crypto to remain bipartisan and "less tribal."  While Congressman Wiley Nickel (D-N.C.) offered brief praise for crypto before introducing a panel of other lawmakers to address the audience. 

Crypto Remembers!

"Let me tell you, there's only one candidate running for president who’s called crypto a scam, and that's Donald Trump," Nickel remarked. 

He did absolutely nothing for four years as president and was openly hostile until just recently.

Nonetheless, unless Harris clarifies her policy positions, she will largely be evaluated based on the Biden administration’s track record.

In the crypto space, that record has been characterized by years of legal battles and a failure to establish industry-specific regulations. Cryptocurrency markets rallied back upwards after macro economic tensions eased up in the U.S and Japan.

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