Crypto excluded from Schumer’s legislative priorities after assurances

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As a seasoned observer of political landscapes and a dedicated follower of cryptocurrency developments, I find myself perplexed by the recent turn of events surrounding Senator Chuck Schumer and Vice President Kamala Harris’s approach to crypto regulation.

In a recent “Dear Colleague” letter, Senator Chuck Schumer did not include cryptocurrency on the latest bipartisan agenda, even though he had previously pledged to make it a top priority for 2021.

Eleanor Terrett from Fox News highlighted that in his recent communication with Senate peers, Schumer mentioned various policy issues such as rail safety, insulin costs, and artificial intelligence, yet failed to include cryptocurrency on the agenda.

🚨NEWS: Senator Schumer recently penned a letter to fellow Senators outlining key areas for bipartisan legislation before Congress concludes its term. While he did not specifically mention cryptocurrency, AI was highlighted instead.

This comes as a surprise given his firm stance on…

— Eleanor Terrett (@EleanorTerrett) September 8, 2024

This decision is in line with Schumer’s remarks at the “Crypto4Harris” gathering, where he expressed optimism that a bipartisan cryptocurrency regulation bill could be passed by the end of the year. The event, hosted by Vice President Kamala Harris’s backers, was designed to attract the crypto community before the November elections.

In his address, Schumer emphasized that the U.S. should not remain idle while there’s a possibility of cryptocurrencies moving abroad. He stated, “We can’t afford to let crypto slip away from us.

I aim to see a proposed legislation approved by the Senate and enacted as law before the year ends, and I am confident we can achieve this. It’s crucial that we find a middle ground in regulating cryptocurrency – fostering innovation while also implementing sensible safety measures.

Chuck Schumer, Senate majority leader, speaking at Crypto4Harris virtual townhall

During that period, Representative Darren Soto from Florida called upon Harris to adopt a firm stance regarding cryptocurrency regulations.

Critics within the decentralized community have voiced displeasure towards the administration’s perceived insufficient engagement with crypto matters under the Biden-Harris presidency, citing their belief that the administration lacks genuine dedication to cryptocurrency concerns.

A user on platform X noted that the Vice President has been silent on the topic of cryptocurrency, and suggested that the actions of her colleagues might indicate an unsupportive stance. Another user criticized the Biden-Harris administration, claiming they are exploiting crypto events for political contributions without genuine involvement or commitment.

Despite cryptocurrency not being a major focus, Harris’s campaign is still open to receiving donations in cryptocurrency through Coinbase. However, there’s no reference to digital assets, cryptocurrencies, or blockchain on her official site, aligning with the Biden administration’s relatively conservative stance on this subject.

Harris has secured support from notable Democratic figures who are pro-cryptocurrency, such as Mark Cuban, a billionaire, and Chris Larsen, co-founder of Ripple, in her “Crypto4Harris” initiative. However, she’s been finding it challenging to maintain momentum among users on Polymarket, where the odds currently lean towards her Republican opponent, Donald Trump.

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2024-09-09 10:40