Schumer says crypto bill could pass Senate this year; Democrats join ‘Crypto4Harris’ call

Senate Majority Leader Chuck Schumer said Wednesday he believes the Senate can realistically pass a bipartisan cryptocurrency regulation bill before the end of the year, offering new hope to an industry that has been stuck in a legislative limbo for years.

“Passing legislation this year is entirely possible, even in these divided times,” Schumer said during a virtual town hall event to help raise money for Democratic presidential candidate Vice President Kamala Harris.

The event, dubbed “Crypto4Harris,” was attended by billionaire Mark Cuban and Schumer’s fellow New York senator, Kirsten Gillibrand, as well as Michigan Sen. Debbie Stabenow. Stabenow chairs the Senate Agriculture Committee, where a bipartisan crypto bill is moving through the committee.

Two Democrats running for Senate seats also joined the event: Rep. Elissa Slotkin, who is running to replace the retiring Stabenow in Michigan, and Rep. Adam Schiff, the favorite to win a vacant seat in California. Colorado Gov. Jared Polis and Rep. Wiley Nickell of North Carolina were also on the call.

“Why are we here today? Because we all support Vice President Kamala Harris to be our next president, and we all believe in the future of cryptocurrency,” Schumer said.

“My goal when it comes to crypto regulation is this: I want to bring members from both sides of the aisle here in the Senate together… so that we can pass sensible legislation that helps the United States maintain its position as the most innovative nation in the world,” he added.

Schumer’s blanket support for cryptocurrencies isn’t new — he joined Republicans earlier this year to repeal regulatory guidelines that the industry said were too burdensome. But his strong endorsement of digital currencies on Wednesday went further than many on Capitol Hill expected to hear from him.

“Cryptocurrencies are here to stay no matter what. So Congress needs to make the right decision,” he said.

Sheila Warren, CEO of the Crypto Innovation Council, hosted the evening event, the latest in a series of Zoom calls and town halls aimed at raising money and building support for Harris among diverse constituencies.

Harris did not join the online event, but several members of her party joined in the broader crypto sector’s assertion that a potential Harris administration would support creating a regulatory framework for the industry that would help foster innovation at home.

Gillibrand said in a pre-recorded speech that a future Harris administration would “understand” and “facilitate” a “balanced approach” to regulating the sector.

More than 70 House Democrats have voiced their support. 21st Century Financial Innovation and Technology Act any Approved by the House of Representatives last MayIt then heads to the Senate.

Schumer has yet to indicate which of the bills under consideration he plans to support. But Stabenow’s presence with Schumer at the town hall on Wednesday may be a hint that Schumer is leaning toward Stabenow’s proposed legislation.

In the past few months, the Smart Voting Bloc has emerged as a major player in the 2024 elections, both at the presidential level and in key Senate races.

Republican presidential candidate Donald Trump has recently begun addressing the cryptocurrency sector in public speeches during his campaign. He also headlined the largest bitcoin event of the year in Nashville last month after spending years dismissing both bitcoin and other cryptocurrencies, saying the tokens are not money and that their value is “based on air.”

Harris has yet to express her official views on cryptocurrencies, but Reps. Ro Khanna and Nickel told CNBC on the sidelines of this year’s flagship Bitcoin conference in Tennessee that they have been in direct dialogue with Harris’ campaign team on the topic.

“I think we’re going to hear from Vice President Harris soon on this. And I’m very optimistic that we’re going to be able to reset things. And I think that’s going to be hugely important,” Rep. Nickel told CNBC earlier. “This issue is not going away. And we have to make sure that we continue to embrace this in a bipartisan way.”

The race to win over pro-crypto voters comes as the industry pours tens of millions of dollars into key races.

Pro-crypto political action committee Fairshake earlier Wednesday pledged $3 million each to Slotkin and Democratic Rep. Ruben Gallego, who is running for a battleground seat in Arizona.

Both candidates are running in tough Senate races against Trump-backed candidates — seats that could ultimately decide whether Schumer and his party retain the majority.

Vershak’s financial support for Democratic candidates in these races appears to have angered top Republicans “who viewed the industry as an ally rather than an adversary.” According to a report by NBC.

Robert Michnick, head of digital assets at BlackRock, told CNBC that the “biggest thing” he’s seen in 2024 is that cryptocurrencies are “not only seen as a more legitimate and important issue,” but that this shift has also become more partisan in nature.