Democrats promise sensible crypto legislation
In a surprising turn of events, despite the skepticism from Galaxy Digital’s Research Chief, Alex Thorn, about Vice President Kamala Harris’ critical approach to cryptocurrency, Democratic Senator Chuck Schumer has positioned himself as an unexpected champion for the sector.
At the Crypto4Harris Town Hall, an event aimed at fostering a pro-cryptocurrency stance within the Harris campaign, Schumer, who serves as the majority leader in the U.S. Senate, stressed the immediate need for the United States to embrace the potential of cryptocurrencies.
He remarked that the United States cannot afford to remain inactive on this front, lest we see the cryptocurrency industry migrate to nations with lax regulatory standards, which would have no oversight whatsoever.
Anticipating the significant surge and influence of cryptocurrency over recent years, Schumer implies that a Harris-led administration might adopt a more favorable view towards the sector.
He also voiced his determination to advocate for legislation supportive of cryptocurrency in the U.S., with the goal of passing such laws before the year’s end, should Harris assume the presidency.
He remarked that the goal is to unite his colleagues across both political divides in the Senate, to build a consensus so they can introduce and pass prudent laws that preserve the United States’ reputation as a beacon of innovation.
This takes us back to how the Biden administration has approached cryptocurrencies, turning it into a contentious topic, especially with the enactment of the critical SAB 121 bill.
It’s crucial to mention that despite the Crypto4Harris event, Vice President Harris has yet to conclusively express her position on cryptocurrency-friendly policies.
In stark contrast, former President Donald Trump has openly supported cryptocurrency throughout his campaign, featuring everything from Bitcoin-themed merchandise to non-fungible token (NFT) dinners and significant appearances at cryptocurrency events like the Bitcoin Conference.
Nevertheless, with just a single event, Harris has managed to garner considerable attention.
The Crypto4Harris initiative boosted Harris to the forefront of the Polymarket prediction platform, initially putting her on equal footing with Trump with a 49% chance of victory.
Since the event, Harris has begun to overshadow Trump, with recent figures showing her at a 54% probability of winning, while Trump’s support has declined from 72% to 45%.
In this context, billionaire entrepreneur Mark Cuban also seized the moment to critique Trump and the Republican Party at the Crypto4Harris event, asserting that the Republicans have shown indifference.
Yet, based on Schumer’s statements, it becomes evident that it is the duty of Congress to introduce practical, effective regulations for cryptocurrency.
Clearly, Schumer’s advocacy does not signal support for Trump. Instead, he explicitly declared his backing for Harris.
