Senator Chuck Schumer's Latest Bipartisan Agenda Sidesteps Crypto
Senator Chuck Schumer’s Latest Bipartisan Agenda Sidesteps Crypto
The Harris campaign has started accepting cryptocurrency donations via Coinbase.
Author Ruholamin Haqshanas Author Ruholamin Haqshanas About Author Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto... Author Profile Share Copied Last updated: September 9, 2024 05:57 EDT
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Senate Majority Leader Chuck Schumer has excluded crypto from his latest bipartisan legislative agenda, despite earlier promises to prioritize the issue.
In a recent “Dear Colleague” letter, Schumer outlined key topics such as rail safety, insulin pricing, and artificial intelligence but did not mention cryptocurrency.
In a recent post on X, Fox News journalist Eleanor Terrett noted this absence.
“Cryptocurrency legislation was not mentioned, but artificial intelligence was,” she wrote. “This, despite his adamance in the Crypto4Harris town hall that crypto legislation was going to be a pressing priority.”
Schumer Vowed to Pass Crypto Regulation by End of 2024
At the “Crypto4Harris” town hall earlier this year, Schumer emphasized the importance of passing a bipartisan crypto regulation bill by the end of 2024.
At the time, he stated that the U.S. cannot afford to “sit on the sidelines” and risk innovation in crypto moving overseas.
He expressed confidence that such legislation could be passed, advocating for a balanced approach between encouraging innovation and implementing reasonable regulatory guardrails.
Schumer’s earlier stance was echoed by Florida Congressman Darren Soto at the same event, where he urged Vice President Kamala Harris to take action on crypto policy.
The “Crypto4Harris” event, aimed at garnering support from the crypto community ahead of the November elections, featured a lineup of prominent pro-crypto Democrats.
However, Schumer’s latest agenda has left many in the decentralized finance space disappointed.
Meanwhile, some in the crypto community have accused the Biden-Harris administration of failing to take cryptocurrency seriously.
One user on X remarked that Harris had yet to make any public statements about cryptocurrency, criticizing the administration for allegedly using crypto-related events to solicit political donations without demonstrating a genuine commitment to the issue.
Anyone who thinks that Kamala is crypto friendly deserves to stay poor.
She literally hasn’t said a word about it.
Her “colleagues” are irrelevant.
Don’t be fooled. — Jonnie King 🍌👑 (@JonnieKing) September 8, 2024
While the Harris campaign has started accepting cryptocurrency donations via Coinbase, there is little mention of digital assets or blockchain on her official campaign site.
Trump’s Lead over Harris on Polymarket Widens
Trump’s lead over Harris on Polymarket, a popular betting platform for political events, has widened significantly as her administration maintains a generally cautious stance on cryptocurrency.
As of now, 52% of bettors on Polymarket favor Trump, while 47% are backing Harris.
The recent shift marks a notable comeback for Trump, who experienced a dip in support after President Joe Biden announced he would not seek re-election.
Trump’s growing support among crypto investors is considered a key factor in his resurgence.
His pro-crypto stance, including promises to back the Bitcoin sector and blockchain initiatives, has resonated with this demographic.
In contrast, Harris has struggled to maintain momentum on Polymarket, particularly after the Democratic National Convention, where cryptocurrency was notably absent from the agenda.
Last week, a group of crypto industry leaders organized a fundraiser to support Harris, aiming to influence her stance on cryptocurrency should she win the presidential election in November.
The fundraiser, scheduled for September 13 in Washington, D.C., seeks to raise $100,000, with ticket prices ranging from $500 to $5,000.