Senate majority leader Schumer pushes for crypto regulation by year-end

Senate majority leader Chuck Schumer has set himself the goal of passing comprehensive crypto legislation by the end of 2024.

Schumer made the statement at a virtual town hall meeting hosted by Crypto4Harris, a newly-formed initiative to push pro-crypto talking points for Democratic presidential candidate Kamala Harris.

During the proceedings, attended by Senators Kirsten Gillibrand and Debbie Stabenow, as well as Colorado Governor Jared Polis and investor Mark Cuban, the New York senator declared his intention to pass a bipartisan crypto bill out of the Senate and into law by the end of 2024. 

Schumer also noted that the United States risks losing its competitive edge if it continues lagging behind in digital asset regulation, a situation he says could push the industry to less regulated offshore jurisdictions.

The 73 year old compared the proposed crypto regulation to the approach taken with artificial intelligence, stressing the need for innovation while putting in place safeguards to protect users. 

My goal is to get something passed out of the Senate and into law by the end of the year, and I believe we can make that happen. We should strike a balance for crypto between promoting innovation and providing common-sense guardrails.

Chuck Schumer, Senate majority leader, speaking at Crypto4Harris virtual townhall

Schumer, who served as minority leader between 2017 and 2021, stated his belief that only Congress could provide the necessary regulatory framework to prevent the misuse of crypto and blockchain technology by bad actors.

Florida Congressman Darren Soto, who is a member of the Congressional Blockchain Caucus, also participated in the town hall. He reportedly urged Vice President Kamala Harris to take decisive action on crypto policy, calling for the repeal and reform of the U.S. Securities and Exchange Commission’s Staff Accounting Bulletin 121 and the passage of FIT21—a bill aimed at establishing clear crypto regulations. 

In May, the White House objected to the bill, saying it would affect the United States’ crypto regulatory framework.

Democrats have been pushing for a more crypto-friendly image ever since President Joe Biden bowed out of the upcoming U.S. presidential race and endorsed his deputy Harris to run in his stead. 

Her Republican opponent Donald Trump has put on a great show of embracing crypto, going as far as saying he will establish a Bitcoin (BTC) national reserve if he wins the November polls. He also promised to fire SEC Chair Gary Gensler, a deeply unpopular figure in crypto circles for his seeming heavy handedness toward the industry.