Schumer Promises to Pass New Cryptocurrency Bill By The End of This Year

Senate Majority Leader and Democratic Senator Chuck Schumer attended an event on Wednesday evening about cryptocurrency and support for Harris—Crypto4Harris, along with several government officials and entrepreneurs.

At the meeting, Schumer stated plans to introduce cryptocurrency legislation in the United States this year. He expressed hope that bipartisan senators in the Senate can unite to pass the legislation to help the U.S. maintain its position as the world's most innovative country.

Crypto4Harris is one of the few efforts by the Democratic Party to seek support from the cryptocurrency industry. Currently, Harris is far less popular in the cryptocurrency industry than her main opponent Trump. This is partly related to the Biden administration's high-pressure regulation of the cryptocurrency industry during his tenure, and partly because Harris has not yet made her policy stance on the cryptocurrency industry clear.

It is reported that at the Crypto4Harris event, although Harris did not attend, she delivered a speech at the opening ceremony. Several Democratic members of Congress stated that Harris would clear the way for new U.S. cryptocurrency regulations.

However, despite the friendly attitude towards the cryptocurrency industry conveyed by Schumer and other Democratic figures, the so-called cryptocurrency bill is still just an empty promise. Apart from the claim to pass the bill through the Senate, Schumer did not provide any details about the bill.

Furthermore, given that the U.S. Congress will have a major election along with the presidential change at the end of this year, the future of Schumer and the Democratic Party is still uncertain. Wanting to smoothly pass the cryptocurrency bill seems to be both a wish and a mutual assistance agreement issued to the cryptocurrency industry.

The U.S. cryptocurrency industry has always been a major donor in political campaigns. According to documents from the Federal Election Commission, the donation organization Protect Progress and its affiliated pro-cryptocurrency Super PACs Fairshake and Defend American Jobs have raised a total of $170 million this year.

This huge sum of money is very attractive. This also led Democratic Senator Debbie Stabenow to emphasize on Wednesday that she supports cryptocurrency being regulated by the U.S. Commodity Futures Trading Commission.

Before the election, the Democratic Party and the Biden administration have been hesitant about whether to hand over cryptocurrency to the U.S. Securities and Exchange Commission for regulation. It is well known that the SEC is one of the regulatory bodies most dissatisfied with cryptocurrency, and its chairman Gary Gensler has repeatedly threatened to treat cryptocurrency as securities, striving for strict regulation of the entire industry.

However, as time goes by, Gensler, who used to have a tough attitude, has almost disappeared during the election period. This also shows the urgency with which the Democratic Party wants to rebuild a good relationship with the cryptocurrency industry at the moment.

September is usually the beginning when both parties start to invest heavily in campaign advertising resources, which means the battle of real money and resources is about to begin, which also intensifies the competition between the two parties in attracting the cryptocurrency industry.