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The US Senate Majority Leader Chuck Schumer (D-NY) has committed to advancing crypto legislation by the conclusion of this year. During a virtual town hall meeting on Wednesday, Schumer called for bipartisan backing to enact a pro-crypto bill if Kamala Harris is elected as the next President.
The Crypto4Harris 90-minute online town hall featured Senator Kirsten Gillibrand as the keynote speaker. Additionally, other members from the US Senate and House of Representatives, along with state governors, participated in the livestream.
In his remarks, Schumer highlighted that Congress has the duty to establish “common sense and sound regulation.” He also pointed out the necessity of balancing the encouragement of crypto innovation with the implementation of sensible safeguards.
“My objective is to get something approved out of the Senate and into law by the year’s end, and I am confident we can achieve that.”
Moreover, he noted that inaction would “risk crypto relocating to countries with the lowest common denominator,” where there would be no regulation for crypto at all.
Crypto Legislation Should be Bipartisan
The Crypto4Harris event was themed around a “reset” with the current Vice President Kamala Harris and her prospective administration. The discussion emphasized that the crypto bill transcends party lines.
Anthony Scaramucci, founder of the crypto-focused SkyBridge Capital, stated that he represents his peers and associates in the industry.
“We aim to make cryptocurrency regulation constructive and bipartisan.”
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During the discussion, Rep. Wiley Nickel (D-NC) criticized opposition presidential candidate Donald Trump for initially labeling “crypto a scam” while later endorsing the asset class to gain electoral support.
“Digital assets and blockchain technology are not partisan matters,” Nickel remarked. “Turning this into a political issue will only hinder progress in Congress for decades, so my focus has been on ensuring this remains a bipartisan concern.”
Billionaire and Shark Tank personality Mark Cuban expressed his endorsement for crypto, emphasizing that it is not solely an asset for the wealthy.
“Crypto is not about the elite—it’s about egalitarianism—and that presents a significant opportunity for us because the rest of us need crypto, and the Republicans seem indifferent.”
Multiple Crypto Bills in Action
Lawmakers in Washington are currently engaged in various crypto regulation proposals; however, these bills have yet to reach President Joe Biden’s desk.
In another part of the Senate, Sen. Cynthia Lummis and Sen. Kirsten Gillibrand introduced legislation in April. This bill aimed to prohibit unbacked algorithmic stablecoins and sought to clarify the operational framework for stablecoins in the US.
Additionally, Debbie Stabenow, Chair of the Senate Agriculture Committee, is also developing a crypto-focused bill. Legislative efforts may resume in September.
The post Senate Majority Leader Schumer Intends to Pass Crypto Legislation This Year appeared first on Cryptonews.
