Crypto Legislation Could Come This Year, Schumer Tells Crypto4Harris

Senate Majority Leader Chuck Schumer believes crypto legislation could happen this year.

Schumer made this comment Wednesday (Aug. 14) at an online event for cryptocurrency insiders who are backing Vice President Kamala Harris for president.

“We all believe in the future of crypto,” said Schumer, whose comments at the Crypto4Harris event were reported by Coindesk.

“Congress has a responsibility to provide common sense and sound regulation on crypto, and we need your support to make sure that any proposal is bipartisan.”

Harris did not attend the event, but Schumer and other prominent Democrats offered the audience their assurances that she would back new U.S. crypto regulations.

The report notes that Crypto4Harris is part of nascent efforts to rally support for the presumptive Democratic nominee following months in which her Republic rival, former President Donald Trump, had garnered a host of industry backing.

Trump, who once called crypto a “scam,” has since changed his tune, addressing a major industry conference last month.

“Trump’s rebranding as a crypto-friendly candidate is part of a larger trend among Republicans to embrace digital currencies and blockchain technology,” PYMNTS wrote ahead of that event.

“This strategy aims not only to attract a young and tech-savvy demographic but also to tap into the substantial financial resources of the crypto sector. By aligning with the interests of cryptocurrency enthusiasts, Trump and his party are seeking to leverage the political and economic potential of this burgeoning industry.”

Trump’s running mate, Ohio Sen. JD Vance, has also held a positive view of the crypto space. He was among the five dozen senators who in May voted to overturn Securities and Exchange Commission’s (SEC) guidelines on how banks should govern customers’ crypto assets, requiring them to treat these assets as liabilities. While the resolution passed, President Joe Biden ended up vetoing it.

Harris, meanwhile, hasn’t made any policy statements about crypto, the Coindesk report says, nor has her campaign formally supported the digital assets. However, officials from the campaign were apparently listening in during the online event, the report added.

Coindesk further notes that Schumer’s optimism about getting a bill passed still faces some obstacles, as Congress is heading into election season, making any sweeping policy changes tougher to accomplish. The U.S. House has passed some crypto legislation this year, though the Senate hasn’t followed suit.

“I believe we can make that happen,” Schumer maintained, without going into specifics about what the bill might be aside from getting “something passed out of the Senate.”