Schumer Predicts Crypto Bill Passage in 2024
Senate Majority Leader Chuck Schumer expressed confidence in passing bipartisan crypto regulation before the year’s end.
Key points:
- Schumer believes passing crypto legislation in 2024 is “absolutely possible.”
- Multiple Democratic lawmakers voiced support for a balanced regulatory approach.
- The event aimed to consolidate crypto industry support for Harris’s presidential bid.
Schumer’s optimistic stance on crypto legislation comes at a time when the crypto industry is demanding regulatory clarity in the United States.
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Schumer didn’t endorse a specific crypto bill
Even though Schumer didn’t endorse a specific bill, he mentioned the Financial Innovation and Technology for the 21st Century Act (FIT21). This act has already passed the House, as has an upcoming bill from the Senate Agriculture Committee.
The “Crypto4Harris” event is not officially endorsed by Harris’s campaign. However, it marks a major moment in the intersection of crypto and presidential politics. It also represents an effort to position Harris as a crypto-friendly candidate. This also potentially challenges former President Trump.
Several prominent Democrats, including Senator Kirsten Gillibrand and Representatives Adam Schiff and Elissa Slotkin, used the platform to assure the crypto community of Harris’s potential support for balanced regulation.
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However, Schumer’s legislative optimism faces considerable challenges. The approaching general election typically complicates major policy efforts, and the Senate has lagged behind the House in advancing crypto-related bills.
The event also highlighted the crypto industry’s growing political influence. With over 70 House Democrats recently supporting the FIT21 Act, there’s evidence of increasing bipartisan interest in crypto regulation.
