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

Senate Majority Leader Chuck Schumer has set a goal of passing comprehensive crypto legislation by the end of 2024.

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

At the hearing, which was attended by Senators Kirsten Gillibrand and Debbie Stabenow, as well as Colorado Governor Jared Polis and investor Mark Cuban, the New York senator announced his intention to pass a bipartisan crypto bill in the Senate and become law by the end of 2024.

🚨NEW: It goes through mine @SenSchumer what he said about grades and his goal #crypto the arrangement he wanted to model #Artificial intelligence Make the arrangement and complete it by the end of the year:

“My goal is to … get something through the Senate and make it a law.”

— Eleanor Terrett (@EleanorTerrett) August 15, 2024

Schumer also noted that the U.S. risks losing its competitive edge if it continues to lag behind in digital asset regulation, which could push the industry into less regulated offshore jurisdictions.

The 73-year-old likened the proposed crypto regulation to the approach towards artificial intelligence, stressing that innovation is needed while taking security measures to protect users.

My goal is to get something passed in the Senate by the end of the year and become law, and I believe we can do that. We have to strike a balance between encouraging innovation and providing common sense protections for crypto.

Senate Majority Leader Chuck Schumer speaks at the Crypto4Harris virtual meeting room

Schumer, who served as minority leader from 2017 to 2021, stated that he believes only Congress can provide the regulatory framework necessary to prevent crypto and blockchain technology from being misused by malicious actors.

Florida Congressman Darren Soto, a member of the Congressional Blockchain Caucus, was also in attendance. He reportedly called on Vice President Kamala Harris to take decisive action on crypto policy, calling for the passage of FIT21, a bill that aims to repeal and reform the U.S. Securities and Exchange Commission’s Staff Accounting Bulletin 121 and create clear crypto regulations.

The White House objected to the bill in May, saying it would impact the US’s cryptocurrency regulatory framework.

Democrats have been pushing for a more crypto-friendly image since President Joe Biden dropped out of the upcoming US presidential race and backed his running mate, Harris, to run instead.

His Republican opponent, Donald Trump, has made a great show of embracing crypto, going so far as to say he would establish a Bitcoin (BTC) national reserve if he wins the November election. He has also vowed to fire SEC Chairman Gary Gensler, who is unpopular in crypto circles for his harsh stance against the industry.