US Senator plans to finalise crypto laws in ’24

Senate Majority Leader Chuck Schumer has set a goal to pass cryptocurrency regulations into laws by the end of 2024.

During the “Crypto4Harris” event, held on Wednesday evening, Schumer stressed the importance of bipartisan collaboration in the Senate to push forward “sensible, long-lasting legislation” that would help the US maintain its status as a global leader in innovation.

The event, which brought together supporters of Vice President Kamala Harris, included notable participants such as billionaire entrepreneur Mark Cuban.

The gathering comes as Vice President Harris seeks to reset her relationship with the crypto industry, a sector that has seen significant support for former President Donald Trump.

Trump recently pledged to make the US the “crypto capital” of the world if re-elected and promised to fire SEC Chair Gary Gensler, who has led a crackdown on US crypto companies.

Democratic Senator Debbie Stabenow of Michigan also addressed Harris supporters, reiterating her commitment to fostering innovation in the US while ensuring consumer protection.

The crypto industry, a major source of political donations, has significantly ramped up its spending for the 2024 election cycle. Pro-crypto super PACs, including Protect Progress, Fairshake, and Defend American Jobs, have collectively raised $170 million, according to Federal Election Commission filings.

Schumer expressed optimism about overcoming previous delays in the Senate, declaring that “crypto is here to stay, no matter what” and underscoring his determination to push the legislation forward.

Attribution: Bloomberg

Subediting: M. S. Salama