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Senate Majority Leader Chuck Schumer believes there is scope to pass cryptocurrency rules before the end of the year.
Speaking at a fundraising event for Democratic presential nominee Kamala Harris coined as ‘Crypto4Harris’, Schumer provided fresh impetus for progress in the industry which has been beset by legislative delays for several years.
“Passing legislation this year is absolutely possible, even in these divided times, stated Schumer during the virtual town hall event.
The fundraising drive featured billionaire entrepreneur Mark Cuban alongside Dem Senators Kristen Gillibrand and Debbie Stabenow of New York and Michigan, respectively. The party is increasingly positioning itself as pro-crypto at a crucial juncture in the lead-up to the presidential election in November.
Crucially, incumbent Vice President Kamala Harris is yet to deliver her position on the digital currency but an overture to the industry is likely to come soon, with her team making back-channel moves to crypto firms last month to reset relations.
This was echoed by Senate Leader Schumer who rallied the online audience, stating “Why are we here today? Because we all support Vice President Kamala Harris to be our next president, and we all believe in the future of crypto.”
On regulation, he continued, “I want to bring members on both sides of the aisle here in the Senate together, so we can pass sensible legislation that helps the United States maintain its status as the most innovative country in the world.”
Crypto industry is a major funder of both political parties
In recent months, both sides of the political divide have been on the charm offensive to the crypto sector with the industry recognized as an influential bloc at the presidential level, as well as in the race for Senate seats.
It also holds sway with significant funding on the line. Federal Election Commission filings show the crypto bloc is a major source of donations to both the Democrat and Republican parties, with current spending exceeding the amounts involved in previous election campaigns.
In May, Donald Trump hosted a special gathering at his Mar-A-Lago resort in Palm Beach, FL.
“If you’re for crypto, you better vote for Trump,” came the message from the man himself, addressing an audience of around 200 supporters and interested observers with admission coming at the cost of $10,000 worth of Trump Trading Card NFTs.
The 45th President of the United States previously described Bitcoin and other cryptocurrencies as “based on thin air” back in 2019, but there has been a significant change of tack on the current campaign trail in the race for the White House.
Image credit: Creative Commons 1.0
