In a notable policy reversal, US Senate Majority Leader Chuck Schumer has pledged to prioritize the passage of crypto-focused legislation by the end of 2024, as digital assets have been a constant focus in this year’s race for the White House.
Schumer Announces Bipartisan Push For Crypto Rules
According to a Bloomberg report, Schumer, a Democrat from New York, announced at a “Crypto4Harris” event Wednesday night, signaling a growing embrace of the digital asset industry within the party. However, the vice president, Harris, has yet to define her policy positions on digital assets clearly.
“I want to bring members on both sides of the aisle here in the Senate together to create momentum so we can pass sensible legislation that helps the United States maintain its status as the most innovative country in the world,” Schumer said to a gathered crowd of lawmakers and crypto entrepreneurs, including billionaire Mark Cuban.
Schumer’s pro-crypto stance significantly shifts from the Senate’s previous skepticism toward the industry. The Majority Leader’s remarks come as Vice President Kamala Harris, the Democratic presidential frontrunner for 2024, seeks to reset relations with the digital asset community, many of whom have rallied behind former President Donald Trump in recent months.
Trump has taken an increasingly bullish stance on cryptocurrencies, promising to make the US the “crypto capital of the world” and vowing to fire Securities and Exchange Commission Chairman Gary Gensler, who has led the crackdown on US companies, on day one of his potential new term in the White House.
In addition, Donald Trump has vowed to be the first “crypto president,” with ideas such as using Bitcoin (BTC) to pay the country’s $35 trillion national debt and the possibility of creating a Bitcoin reserve for the US, led Senator Cynthia Lummis’s bill.
Democrats Pivot Toward Innovation And Regulation
Democratic Senator Debbie Stabenow of Michigan, who also attended the Crypto4Harris event, vowed to “reaffirm the fact that we are committed to keeping this innovation in the United States, supporting the growth and at the same time protecting the interests of consumers.”
Schumer also expressed optimism that the Senate could pass “sensible, long-lasting legislation” on digital assets by the end of the year, a timeline that would provide regulatory clarity ahead of the 2024 presidential race. “Crypto is here to stay, no matter what,” he added.
The industry has emerged as a major source of political donations for both parties, with spending expected to dwarf previous election cycles. According to Bloomberg, protect Progress, along with affiliated pro-crypto super Political Action Committees (PACs) Fairshake and Defend American Jobs, have raised $170 million in total.
However, Trump has received most donations from key industry players throughout the year, from Coinbase, Ripple executives, Kraken CEO, the Winklevoss twins, and other figures, showing that the former president’s plans have resonated with the broader ecosystem.
Featured image from DALL-E, chart from TradingView.com