As a seasoned crypto investor with over two decades of experience under my belt, I find Senator Chuck Schumer’s recent statement about passing comprehensive crypto legislation by the end of 2024 to be both encouraging and slightly concerning. Encouraging because it indicates that our government is finally taking the digital asset industry seriously and recognizing its potential. However, considering the pace at which Washington tends to move, I can’t help but wonder if my grandchildren will see this bill become law before they start collecting Social Security.
Senate Majority Leader Chuck Schumer aims to approve extensive cryptocurrency regulations by the close of 2024.
Schumer made the statement at a virtual town hall meeting hosted by Crypto4Harris, a newly-formed initiative to push pro-crypto talking points for Democratic presidential candidate Kamala Harris.
In the course of this gathering, which included Senators Kirsten Gillibrand and Debbie Stabenow, Colorado Governor Jared Polis, and investor Mark Cuban, Senator from New York announced his goal to push a bipartisan cryptocurrency bill through the Senate and into law by the year-end 2024.
“I’ve been reviewing my notes from @SenSchumer, and here’s his aim for #crypto regulation – he wants it structured similarly to #AI regulation. His ambition is to have this legislation approved by the Senate and made into a law before the year ends.”
— Eleanor Terrett (@EleanorTerrett) August 15, 2024
Schumer additionally pointed out that if the U.S. persists in falling behind on digital asset regulation, it may forfeit its leading position in this field, potentially causing the industry to migrate towards more lenient overseas regulatory environments.
In a similar vein, the 73-year-old emphasized the need for a balance between fostering innovation and implementing protective measures within the context of proposed cryptocurrency regulations, likening this approach to how artificial intelligence has been approached.
My goal is to get something passed out of the Senate and into law by the end of the year, and I believe we can make that happen. We should strike a balance for crypto between promoting innovation and providing common-sense guardrails.
Chuck Schumer, Senate majority leader, speaking at Crypto4Harris virtual townhall
During his term as Minority Leader from 2017 to 2021, Schumer expressed the opinion that it is within the power of Congress alone to establish appropriate regulations to hinder malicious individuals from exploiting cryptocurrencies and blockchain technology.
During a town hall meeting, Florida Representative Darren Soto – a member of the Congressional Blockchain Caucus – voiced his opinion to Vice President Kamala Harris. He suggested that she should take immediate steps in shaping cryptocurrency policy, specifically advocating for the abolition and amendment of U.S. Securities and Exchange Commission’s Staff Accounting Bulletin 121, and the approval of FIT21 – a bill geared towards creating clear-cut regulations for cryptocurrencies.
Rep. Darren Soto of Florida, along with his fellow members in the Blockchain Caucus, are urging Vice President Kamala Harris to undertake three key actions regarding cryptocurrency:
— Eleanor Terrett (@EleanorTerrett) August 15, 2024
In May, the White House voiced opposition to the bill, arguing that it could impact the U.S.’s regulatory structure for cryptocurrencies.
Since President Joe Biden stepped down from the U.S. presidential race and backed Vice President Harris as his replacement, Democrats have been increasingly supportive of a more welcoming stance towards cryptocurrencies.
In simpler terms, Trump, running as a Republican candidate, has been quite vocal about his support for cryptocurrencies like Bitcoin. He even hinted at creating a national Bitcoin reserve if he wins the elections in November. Moreover, Trump has expressed his intention to dismiss Gary Gensler, who is currently the Chair of the Securities and Exchange Commission (SEC). Gensler is often criticized within crypto communities for his perceived strict and controlling approach towards the industry.
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2024-08-15 11:31