Majority Leader Chuck Schumer (D-NY) said he believes a bipartisan cryptocurrency regulation bill could pass the Senate by the end of the year at a virtual town hall meeting of Vice President Kamala Harris 's supporters within the virtual currency industry.
“I want to bring members on both sides of the aisle here in the Senate together to create momentum so we can pass sensible legislation that helps the United States maintain its status as the most innovative country in the world,” Schumer said on the virtual call that included Democratic lawmakers and entrepreneurs such as Mark Cuban.
“Passing legislation this year is absolutely possible, even in these divided times,” he added.
The Senate Majority Leader did not specify which bill he was referring to, but there are a number of measures under consideration. More than 70 House Democrats crossed the aisle in support of the Financial Innovation and Technology for the 21st Century Act , which would amend existing securities and commodity regulatory statutes to facilitate the use of crypto. The bill passed the House this May .
Rep. Patrick McHenry (R-NC), chairman of the House Financial Services Committee and a co-sponsor of the bill, urged Schumer to take up the legislation on Thursday in a post on X.
“I welcome @SenSchumer’s interest in digital asset legislation to protect consumers and foster innovation,” McHenry wrote in the post. “ The House has done its work by passing the bipartisan #FIT21 with 2/3rds voting in support back in May. Senate action on digital asset market structure is long overdue.”
Sen. Debbie Stabenow (D-MI), the chairwoman of the Senate Agriculture Committee, was also on the call and recently introduced a bill that would give the Commodity Futures Trading Commission an expanded role in overseeing digital assets. Bipartisan negotiations on the legislation on her panel broke down ahead of the August recess and after Sen. John Boozman (R-AR), the top Republican on the committee, publicly noted he had concerns about the bill.
“There is still time to pass a bill this year, but I need a Republican senator to step up in order to accomplish that goal,” Stabenow said in a statement in late July. "I sincerely hope that politics does not get in the way of good policy."
Sen. Sherrod Brown (D-OH), a vulnerable Democrat up for reelection and the chairman of the Senate Banking Committee, said in a recent interview that he was “open to working with” Stabenow on crypto regulation reform. However, he has also warned that he would not consider any crypto bill that is too friendly toward the industry.
Industry experts who spoke with the Washington Examiner are not getting too optimistic about the prospect of legislation. Many believe that if there is progress on crypto legislation, it will not be until after the election.
The virtual call comes amid concerns that the Biden administration has been viewed as unfriendly to crypto and growing anticipation to see where Harris comes down on the matter. The Financial Times reported in July that her advisors had approached crypto companies in search of a “reset” of relations.
Republican presidential nominee Donald Trump has been embracing the crypto sector on the campaign trail. Speaking at an annual Bitcoin conference last month in Nashville, the former president promised to ensure America becomes “the crypto capital of the planet” and “bitcoin superpower of the world.” The 2024 Republican presidential nominee, who had notably been skeptical of cryptocurrency, painted himself as a crypto advocate in contrast to the Democratic ticket.
Fairshake PAC and its two affiliated PACs, Defend American Jobs and Protect Progress , have raised close to $240 million for the 2024 election cycle, according to an analysis of disclosures as of Sunday by OpenSecrets, a watchdog group that tracks money in U.S. politics. The group announced it will spend millions to oust Brown, and will support Rep. Ruben Gallego (D-AZ) and Rep. Elissa Slotkin (D-MI) in their respective Senate races.
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Cody Carbone, chief policy officer at the Digital Chamber, a pro-crypto advocacy group, said he believes it is critical to elect lawmakers who are friendly to digital assets in this upcoming election.
“It’s determinative of the industry’s short-term fate in the United States,” Carbone told the Washington Examiner. “Crypto is legitimizing itself through use cases and innovation that solves everyday problems, but hostility remains with a contingent in Washington who still believes it should be banned and are spreading fear to move their agenda.”
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