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Democratic Party Senator Chuck Schumer aims to pass crypto-friendly bipartisan legislation by the end of this year if Vice President Kamala Harris wins the 2024 US presidential election.
“I think we should strike a balance for crypto between promoting innovation and providing common sense guardrails,” Schumer said while speaking at the virtual Crypto4Harris Town Hall meeting.
Chuck Schumer Calls For “Sensible” Crypto Regulation In The US
Lawmakers can no longer “stick their heads in the sand,” Schumer said. If regulators don’t start to act, he believes the US runs the risk of losing its status as the “most innovative country in the word.”
Thank you all for joining the #Crypto4Harris Town Hall 🇺🇸
We showcased so many amazing builders, founders, investors and political leaders who are eager and willing to engage @KamalaHQ regarding a "reset" on U.S. crypto policy.
Big news of the night was of course @SenSchumer…
— Crypto4Harris (@Crypto4Harris) August 15, 2024
To mitigate this risk, Schumer would like to “bring members from both sides of the aisle” together in the Senate to “create momentum” so that lawmakers can pass “sensible legislation.” This, according to him, can help prevent crypto innovators from opting to establish headquarters overseas in jurisdictions “where there will be no regulation at all.”
Multiple Crypto-Related Bills In The Works, But None Have Been Presented To President Biden Yet
Lawmakers in Washington are currently working on multiple bills related to crypto regulation in the US. However, none of these proposed bills have made it to US President Joe Biden’s desk yet.
In April, Sens. Cynthia Lummis, R-Wyo., and Kirsten Gillibrand, D-N.Y., introduced a bill that would block algorithmic stablecoins while simultaneously creating a framework for stablecoins. Senate Agriculture Committee Chair Debbie Stabenow, D-Mich., has started to work on a bill to regulate crypto as well.
Meanwhile, on the House side, a Republican-led crypto market structure bill that gives new jurisdiction to the Commodity Futures Trading Commission over “digital commodities” was passed in May this year. This bill also asserts that the Securities and Exchange Commission (SEC) would oversee any digital assets offered as part of an investment contract.
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