Chuck Schumer, the U.S. Senate Majority Leader, announced he is working towards passing comprehensive cryptocurrency legislation by the end of 2024.
Chuck Schumer's Initiative
U.S. Senate Majority Leader Chuck Schumer announced his plans to pass comprehensive cryptocurrency legislation by the end of 2024. The Senator revealed this during a virtual town hall hosted by the group Crypto4Harris, advocating pro-crypto policies. The event was attended by notable figures such as Senators Kirsten Gillibrand and Debbie Stabenow, Colorado Governor Jared Polis, and investor Mark Cuban. Schumer emphasized the importance of the U.S. preserving its competitive edge in digital asset regulation and stressed the need to foster innovation while ensuring user safeguards.
Support and Challenges
Schumer highlighted that only Congress can establish the regulatory framework needed to prevent bad actors' misuse of cryptocurrencies and blockchain technologies. In this context, Florida Congressman Darren Soto also urged Vice President Kamala Harris to take decisive action on crypto policy. Soto advocates for the repeal and reform of the SEC’s Staff Accounting Bulletin 121 and the passing of FIT21, a bill designed to establish clear regulations for cryptocurrencies.
Political Context
These developments follow recent objections from the White House to such legislation. In May, the administration opposed the bill, citing concerns about its impact on the U.S. crypto regulatory framework. With President Joe Biden stepping aside and endorsing Vice President Kamala Harris for the upcoming presidential race, Democrats have been working to present a more crypto-friendly image. Meanwhile, their Republican contender Donald Trump has made significant gestures towards the crypto community, including promising to establish a national Bitcoin reserve if elected.
Thus, the introduction of comprehensive cryptocurrency legislation in the U.S. could significantly impact the future of digital assets and their regulation in the country.
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