Democratic Party Senator Chuck Schumer aims to pass crypto-friendly bipartisan legislation by the end of the year if Vice President Kamala Harris wins the 2024 US presidential election.
Purpose of Legislative Initiative
Chuck Schumer believes that there should be a balance between promoting innovation and providing common-sense guardrails for cryptocurrency. He proposed bringing members from both sides of the aisle together in the Senate to create momentum for passing sensible legislation, which he believes could help prevent crypto innovators from moving to jurisdictions with no regulation.
Need for Regulation
Schumer emphasized that lawmakers can no longer “stick their heads in the sand.” He believes that if regulators don’t start to act, the US risks losing its status as the most innovative country in the world. He voiced his support for a reset on US crypto policy during the virtual Crypto4Harris Town Hall meeting.
Types of Proposed Bills
Multiple bills related to crypto regulation are currently being considered in Washington. However, none of these proposed bills have yet made it to the desk of US President Joe Biden. In April, Senators Cynthia Lummis and Kirsten Gillibrand introduced a bill to block algorithmic stablecoins while creating a framework for stablecoins. Senate Agriculture Committee Chair Debbie Stabenow has also started working on a bill to regulate crypto. Meanwhile, in the House, Republicans have proposed a bill that gives new jurisdiction to the Commodity Futures Trading Commission over “digital commodities,” while the Securities and Exchange Commission would oversee digital assets offered as part of an investment contract.
Chuck Schumer’s proposal for sensible crypto regulation aims to maintain the US’s innovative status and prevent innovators from moving to other jurisdictions. This underscores the importance of comprehensive measures to regulate the evolving cryptocurrency industry.
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