Senator Chuck Schumer, the Majority Leader of the U.S. Senate, has committed to advancing pro-crypto legislation by the end of the year if Vice President Kamala Harris is elected as the next president. Schumer made this pledge during the Crypto4Harris Town Hall meeting, a grassroots event aimed at reshaping the Harris campaign’s stance on cryptocurrency.
Schumer’s Commitment to Crypto Innovation
At the event, Schumer stressed the importance of not ignoring the growing influence of cryptocurrency in the United States. He warned that if the U.S. fails to act, crypto innovation could move to countries with minimal regulation, potentially compromising both user safety and national security.
“We cannot afford to continue to sit on the sidelines because then we risk crypto going overseas to lowest common denominator countries where there will be no regulation at all,” Schumer stated. He also highlighted that a Harris administration would not necessarily oppose crypto and that his goal would be to pass bipartisan legislation to ensure the U.S. remains a leader in innovation.
A Call for Bipartisan Support
Schumer expressed his intention to bring together senators from both parties to create momentum for “sensible legislation” that would support innovation while providing necessary safeguards. He emphasized that crypto, like AI, should be guided by policies that protect users without stifling growth.
“Innovation is our North star when it comes to AI or crypto,” Schumer said, underlining the need for regulatory guardrails to prevent misuse of digital assets by malicious actors.
Crypto4Harris: A Push for Pro-Crypto Policies
The Crypto4Harris event is part of a broader effort to encourage a more favorable stance on cryptocurrency within the Harris campaign. As Harris has not yet clarified her position on crypto, many assume she might follow the Biden administration’s more cautious approach. However, the Crypto4Harris group aims to influence her campaign to adopt a more supportive stance toward digital assets.
The Political Landscape: Trump vs. Harris on Crypto
The event also highlighted the contrasting approaches of the two leading presidential candidates. Former President Donald Trump has made pro-crypto promises a key part of his campaign, including pledges to end what he calls “Joe Biden’s war on crypto.” Trump has proposed creating a national Bitcoin stockpile and replacing SEC Chair Gary Gensler to make the U.S. the “crypto capital of the planet.”
However, at the Crypto4Harris event, billionaire investor Mark Cuban criticized Trump and the Republicans, accusing them of prioritizing the interests of the crypto industry’s elites over genuine innovation.
Support from Democratic Lawmakers
A range of Democratic politicians also voiced support for the crypto industry during the event. Senator Debbie Stabenow, chair of the Senate Agriculture Committee, emphasized her work with the Commodities Trading Futures Commission (CFTC) to regulate crypto assets as commodities, rather than securities, which would place them under the more crypto-friendly CFTC.
Other Democrats, including Colorado Governor Jared Polis, Senator Kirsten Gillibrand, and representatives Elissa Slotkin and Adam Schiff, expressed varied views on how the Democratic party could improve crypto policy in the U.S.
Future Plans for Crypto Advocacy
The organizers of Crypto4Harris announced plans to begin fundraising efforts in September to further promote pro-crypto policies within the Harris campaign. As the debate over the future of cryptocurrency regulation in the U.S. continues, the outcome of the next presidential election could significantly influence the direction of crypto policy.
