Senate Majority Leader Chuck Schumer has set a goal of passing comprehensive crypto legislation by the end of 2024.
Schumer's Key Statements
Schumer made the statement at a virtual town hall meeting hosted by Crypto4Harris, a newly-formed initiative to support Democratic presidential candidate Kamala Harris. The event was attended by Senators Kirsten Gillibrand and Debbie Stabenow, Colorado Governor Jared Polis, and investor Mark Cuban. Schumer declared his intention to pass a bipartisan crypto bill out of the Senate and into law by the end of 2024.
Comparison to AI Regulation
Schumer noted that the United States risks losing its competitive edge if it continues lagging in digital asset regulation, which could push the industry to less regulated offshore jurisdictions. The 73-year-old compared the proposed crypto regulation to the approach taken with artificial intelligence, stressing the need for innovation while putting in place safeguards to protect users.
Call to Vice President Harris
Florida Congressman Darren Soto, a member of the Congressional Blockchain Caucus, also participated in the town hall. He urged Vice President Kamala Harris to take decisive action on crypto policy, calling for the repeal and reform of the U.S. Securities and Exchange Commission’s Staff Accounting Bulletin 121 and the passage of FIT21—a bill aimed at establishing clear crypto regulations.
Schumer expressed his belief that only Congress could provide the necessary regulatory framework to prevent the misuse of crypto and blockchain technology by bad actors. The meeting underscores the growing attention to crypto regulation and the varying approaches to addressing this issue among key political players.
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