Senator Chuck Schumer’s Pledge for Pro-Crypto Legislation Under Kamala Harris

Jimmy Aki
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Senate majority leader, Senator Chuck Schumer, has pledged to champion pro-crypto legislation should Vice President Kamala Harris be elected as the next President of the United States.

The Intersection of Politics and Chuck Schumer Pro-Crypto Promise Amid Harris’s Presidential Campaign

Chuck Schumer promised to pass pro-crypto legislation during a Crypto4Harris Town Hall meeting, emphasizing the critical need for the U.S. to stay ahead in the global race for technological innovation, particularly in the rapidly evolving cryptocurrency sector.

He said,

“We cannot afford to continue to sit on the sidelines because then we risk crypto going overseas to lowest common denominator countries where there will be no regulation at all.”

Notably, the U.S. has witnessed increasing tension between regulatory bodies and the growing crypto industry in recent years. The Biden administration has faced criticism for its audacious approach to crypto regulation, leading to concerns within the industry about stifling innovation.

Schumer’s latest remarks suggest a potential pivot in policy aimed at fostering a more crypto-friendly environment as he underscored the importance of maintaining the U.S.’s status as a leader in innovation, stating that lawmakers could no longer “stick their heads in the sand” when it comes to fostering crypto development

However, this possible change in direction raises questions about the administration’s future stance on crypto regulation.

Vice President Kamala Harris has not publicly disclosed her official crypto position. But her picks for economic advisor roles have stirred up the crypto community, with some industry watchers suggesting that they “will keep Biden’s hostile attitude to crypto.”

Meanwhile, former presidential candidate Vivek Ramaswamy recently addressed the concerns, suggesting that Harris might take a position that would favor the crypto industry. According to him, Harris’s stance on crypto should be judged by her policy position on self-custody of digital assets and leadership of the Securities and Exchange Commission (SEC).

Legal Precedents and the Future of U.S. Crypto Policy

The implications of Chuck Schumer’s pledge are significant, particularly in light of legal battles between the SEC and crypto firms over an alleged offering of unregistered securities, as seen in the regulator’s case against Coinbase, Binance, and Ripple.

While Coinbase has sued the SEC to demand crypto regulatory clarity, the financial watchdog has continued to crackdown on crypto firms, resulting in calls for the sack of SEC chief Gary Gensler, who former President Donald Trump promised to sack on the first day of his presidency, if reelected.

If Harris is elected and Schumer follows through on his promise, the U.S. could see a more balanced approach to crypto regulation that encourages innovation while ensuring that necessary protections are in place.

This development could have far-reaching implications, not just for the U.S. but for the global crypto market as well.

About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.