Democratic Senator Chuck Schumer, the majority leader of the United States Senate, has set a goal to pass bipartisan pro-crypto legislation by the end of the year if Kamala Harris is elected president. Speaking at the Crypto4Harris Town Hall meeting—a grassroots crypto advocacy group pushing for a “reset” in crypto policy within the Harris campaign—Schumer emphasized that lawmakers could no longer ignore the need to foster crypto innovation in the U.S. He stated:
“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.”
Acknowledging the rapid growth and increasing influence of cryptocurrency over the past decade, Schumer suggested that a Harris administration would not be opposed to crypto outright. He expressed his commitment to passing pro-crypto legislation if Harris were to become president:
“I want to bring members on both sides of the aisle here in the Senate together, create momentum so we can pass sensible legislation that helps the United States maintain its status as the most innovative country in the world.”
Schumer also stressed the importance of innovation in areas like AI and crypto, while highlighting the need for guardrails to protect users, safeguard national security, and prevent the misuse of cryptocurrency by bad actors.
The Crypto4Harris event, where Schumer spoke, is part of a broader grassroots effort aimed at encouraging a pro-crypto stance in Harris’s campaign. Vice President Harris has yet to clearly define her position on crypto policy, leading many to believe she may follow the Biden administration’s generally hostile approach to digital assets.
Meanwhile, Republican candidate Donald Trump has made a strong appeal to the crypto community, vowing to end “Joe Biden’s war on crypto” if elected. In a speech at the Bitcoin 2024 conference, Trump promised to make the U.S. the “crypto capital of the planet” by removing SEC Chair Gary Gensler and creating a national Bitcoin stockpile.
At the Crypto4Harris event, billionaire investor Mark Cuban criticized Trump and the Republican party, accusing them of being more interested in enriching themselves and the industry’s elites. “Republicans couldn’t care less. They just want to see the Bitcoin maxis get richer,” Cuban said.
Democrat Congressman Wiley Nickel also expressed support for the crypto industry, while taking a jab at Trump, pointing out that Trump had previously called crypto a scam. Senator Debbie Stabenow, chair of the Senate Agriculture Committee, reaffirmed her commitment to protecting consumers while allowing innovation to flourish. She has been working with the Commodities Trading Futures Commission (CFTC), advocating for crypto assets to be regulated as commodities rather than securities.
The CFTC is viewed as a more crypto-friendly regulator compared to the SEC under Gensler, which has faced criticism for its “regulation by enforcement” approach. Several other Democratic politicians, including Colorado Governor Jared Polis and Senator Kirsten Gillibrand, also voiced their support for the crypto industry during the event.
Anthony Scaramucci, founder of SkyBridge Capital, called for the crypto community to become “less tribal” and urged for more bipartisan policy efforts. Crypto4Harris organizers announced plans to start raising funds in September to further support pro-crypto initiatives within the Harris campaign.