Senate Majority Leader Chuck Schumer Pledges To Establish Pro-Crypto Law By Year End If Kamala Harris Elected

Democratic Occasion Senator Chuck Schumer goals to go crypto-friendly bipartisan laws by the top of this yr if Vice President Kamala Harris wins the 2024 US presidential election. 

“I feel we should always strike a steadiness for crypto between selling innovation and offering frequent sense guardrails,” Schumer stated whereas talking on the digital Crypto4Harris City Corridor assembly. 

Chuck Schumer Calls For “Wise” Crypto Regulation In The US

Lawmakers can now not “stick their heads within the sand,” Schumer stated. If regulators don’t begin to act, he believes the US runs the danger of shedding its standing because the “most revolutionary nation within the phrase.”

Thanks all for becoming a member of the #Crypto4Harris City Corridor 🇺🇸

We showcased so many wonderful builders, founders, traders and political leaders who’re keen and keen to interact @KamalaHQ concerning a “reset” on U.S. crypto coverage.

Huge information of the evening was in fact @SenSchumer…

— Crypto4Harris (@Crypto4Harris) August 15, 2024

To mitigate this threat, Schumer wish to “convey members from either side of the aisle” collectively within the Senate to “create momentum” in order that lawmakers can go “smart laws.” This, based on him, may also help stop crypto innovators from opting to determine headquarters abroad in jurisdictions “the place there can be no regulation in any respect.”

A number of Crypto-Associated Payments In The Works, However None Have Been Offered To President Biden But

Lawmakers in Washington are at the moment engaged on a number of payments associated to crypto regulation within the US. Nevertheless, none of those proposed payments have made it to US President Joe Biden’s desk but.

In April, Sens. Cynthia Lummis, R-Wyo., and Kirsten Gillibrand, D-N.Y., launched a invoice that may block algorithmic stablecoins whereas concurrently making a framework for stablecoins. Senate Agriculture Committee Chair Debbie Stabenow, D-Mich., has began to work on a invoice to manage crypto as effectively.

In the meantime, on the Home facet, a Republican-led crypto market construction invoice that provides new jurisdiction to the Commodity Futures Buying and selling Fee over “digital commodities” was handed in Might this yr. This invoice additionally asserts that the Securities and Alternate Fee (SEC) would oversee any digital belongings provided as a part of an funding contract.

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