Senate Majority Leader Schumer Intends to Pass Cryptocurrency Bill This Year

U.S. Senate Majority Leader Chuck Schumer (D-NY) has pledged to pass cryptocurrency legislation by the end of the year. Speaking at a virtual town hall on Wednesday, Schumer sought bipartisan support to pass a pro-crypto bill if Kamala is elected the next president.

Senator Kirsten Gillibrand also delivered the opening remarks for the 90-minute Crypto4Harris online meeting. Additionally, other members of the U.S. Senate and House of Representatives, as well as state governors, attended the livestream.

At the meeting, Schumer stressed that Congress has a responsibility to provide “sensible and robust regulation.” He also stressed that there should be a balance between promoting crypto innovation and putting in place common-sense safeguards.

“My goal is to get a bill passed through the Senate by the end of the year, and I believe we can do that.”

He further explained that failure to act would “run the risk that cryptocurrencies will be exported to lower-common-denominator countries,” where there would be no regulation of cryptocurrencies.

Cryptocurrency legislation should be bipartisan

The Crypto4Harris event was themed around “resetting” with current Vice President Kamala Harris and her incoming administration. The event focused on the fact that the cryptocurrency bill does not belong to one party.

Anthony Scaramucci, founder of cryptocurrency-focused SkyBridge Capital, said he was speaking on behalf of his friends and colleagues in the industry.

“We want cryptocurrency regulation to be positive and bipartisan.”

During the interview, Rep. Wiley Nickel (D-NC) criticized opposition presidential candidate Donald Trump for initially calling cryptocurrency a scam and then backing the asset class to win the election.

“Digital assets and blockchain technology are not a partisan issue,” Nickel said. “Turning this into a political issue will only set us back a few decades in Congress, which is why I have focused my efforts on this, making sure it remains a bipartisan issue.”

Billionaire and Shark Tank personality Mark Cuban has expressed his support for crypto, emphasizing that it is not an asset reserved for the elite class alone.

“Cryptocurrencies are not about the elite, they are about egalitarianism. This is a huge opportunity for us, because the rest of us need cryptocurrencies, and Republicans don’t care.”

Several Cryptocurrency Bills in Action

Washington lawmakers are working on various cryptocurrency regulation bills, but those bills have yet to be signed into law by President Joe Biden.

Elsewhere in the Senate, Senators Cynthia Lummis and Kirsten Gillibrand introduced a bill in April that bans uncollateralized algorithmic stablecoins, aiming to define how stablecoins operate in the United States.

Additionally, Senate Agriculture Committee Chairwoman Debbie Stabenow is also working on a crypto-focused bill. Legislative work could resume in September.

The article Senate Majority Leader Schumer Intends to Pass Crypto Legislation This Year appeared first on Cryptonews.