Senator Chuck Schumer, the majority leader of the U.S. Senate, has pledged to introduce pro-crypto legislation if Kamala Harris is elected president. Speaking at the “Crypto4Harris” event, a gathering organized by a grassroots crypto advocacy group, Schumer emphasized the importance of the U.S. taking a leading role in cryptocurrency innovation. He explained that if the U.S. does not act, crypto companies might relocate to countries with little regulation, which will negatively impact the U.S. economy and national security.
While speaking at the event, Schumer said there is no denying that the cryptocurrency industry is quickly gaining a foothold in the market. Moreover, he insisted the U.S. needs to constantly stay ahead, not solely in the sphere of cryptocurrency but in other fields, such as artificial intelligence. Schumer vowed to push for bills that would assist the crypto industry to thrive while protecting customers and national security.
“When it comes to AI or crypto, innovation is our guide,” Schumer said. He underlined the importance of properly defined regulations that aim to guide the industry rather than restrain it, yet they should also safeguard users. Schumer stated that he wants to see such legislation passed before the end of 2024, which shows a great desire to ensure that innovation in the crypto industry does not go outside the United States.
Harris Campaign Eyes Reset with Crypto Industry
Many Democratic politicians and start-up investors were also present during the “Crypto4Harris” meeting, such as Mark Cuban. Schumer once again expressed his optimistic approach to value creation and expressed his expectation that lawmakers from both parties will work on developing substantive crypto regulation, ensuring the United States continues to be a major innovator.
This commitment is made when Harris’s campaign is trying to improve its relations with the crypto industry, which has recently been more supportive of former US President Donald Trump. Trump recently said he would make the US the global “crypto capital” once again if he was re-elected. However, Harris has not directly come forward to explain her stand on cryptocurrency. However, it is stated that her aides have been feeling the pulse to reconnect with crypto businesses.
In the political aspect, the crypto industry has also emerged as a major donor to political campaigns, with donations in 2024 exceeding previous election cycles. Schumer remains optimistic that sensible, lasting legislation can be achieved, ensuring the U.S. continues to lead in crypto innovation.
