US Crypto Bill Could Come This Year

US crypto legislation could happen this year, Senate Majority Leader Chuck Schumer (D-N.Y.) said at the first major event where crypto experts officially announced their nomination of Vice President Kamala Harris as a presidential candidate.

“We all believe in the future of crypto,” Schumer said at an online event hosted by Crypto4Harris. “Congress has a responsibility to provide commonsense and well-founded regulation of crypto, and we need your support to ensure any proposal is bipartisan.”

Crypto4Harris is among a handful of fledgling efforts aiming to drum up crypto-world support for Harris as former President Donald Trump touts her as the industry’s top pick. Harris has not made any policy statements on digital assets in the U.S., and her campaign has not officially announced her support for crypto, though campaign officials reportedly listened to the community at her launch event.

Schumer’s legislative optimism, however, faces a practical obstacle. The congressional session is very close to the general election, making potential progress on large-scale policy efforts difficult. While the House has made some progress this year in pushing crypto bills toward final approval, the Senate has failed to make the same progress.

Schumer insisted, “I believe we can make this happen,” but did not specify what might happen after the bill “passes the Senate.”

Still, Schumer emphasized that his goal is to have at least one bill pass the Senate and become law by the end of the year.

Congressman Wiley Nickel (DNC) briefly praised crypto just before addressing a panel of lawmakers to speak to attendees.

“There is only one candidate running for president who has ever called crypto a scam, and that’s Donald Trump,” Nickel said. “He did nothing in his four years as president, and until recently he was very clear that he was hostile to crypto.”

Sen. Debbie Stabenow (D-Mich.), who chairs the Senate Agriculture Committee, said her goal is to “provide the structure that both protects consumers and allows this innovation to really flourish,” noting that crypto commodities are assets that the Commodity Futures Trading Commission should oversee.

“Our colleagues in the House have already drafted a bill. The Democrats are the ones in the Senate who are really serious about stepping up and working with the new president,” Stabenow said.

Billionaire Mark Cuban, who has been heavily involved in luring Harris to the pro-crypto side, said Trump and Republicans are only interested in crypto to increase the wealth of their allies.

“They just want to see the Bitcoin maxis get richer,” Cuban said.

It appears that until Harris clarifies her policy positions, she will be judged by the Biden administration’s record.

Crypto4Harris reported that fundraising events from the crypto community will begin in mid-September.