Joe Biden

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Chuck

Donald Trump

<p class="is-style-lead">Senate majority leader Chuck Schumer has set himself the goal of passing comprehensive crypto legislation by the end of 2024.</p> 
<p>Schumer made the statement at a virtual town hall meeting hosted by Crypto4Harris, a newly-formed initiative to push <a href="https://crypto.news/democrats-launch-harris-for-crypto-campaign-to-strengthen-pro-crypto-talking-points/" target="_blank" rel="noreferrer noopener">pro-crypto</a> talking points for Democratic presidential candidate Kamala Harris.</p> 
<p>During the <a href="https://x.com/Crypto4Harris/status/1823871940211200192" target="_blank" rel="">proceedings</a>, attended by Senators Kirsten Gillibrand and Debbie Stabenow, as well as Colorado Governor Jared Polis and investor Mark Cuban, the New York senator declared his intention to pass a bipartisan crypto bill out of the Senate and into law by the end of 2024.&nbsp;</p> 
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   <p lang="en" dir="ltr">🚨NEW: Going through my <a href="https://twitter.com/SenSchumer?ref_src=twsrc%5Etfw" target="_blank" rel="">@SenSchumer</a> notes and here’s what he said about his goal for <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">#crypto</a> regulation, which he wants to model after <a href="https://twitter.com/hashtag/AI?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">#AI</a> regulation, and get it done by the end of the year:<br><br>“My goal is to get something passed out of the Senate and into law by the end of the…</p>— Eleanor Terrett (@EleanorTerrett) <a href="https://twitter.com/EleanorTerrett/status/1823881258302058886?ref_src=twsrc%5Etfw" target="_blank" rel="">August 15, 2024</a>
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<p>Schumer also noted that the United States risks losing its competitive edge if it continues lagging behind in digital asset regulation, a situation he says could push the industry to less regulated offshore jurisdictions.</p> 
<p>The 73 year old compared the proposed crypto regulation to the approach taken with artificial intelligence, stressing the need for innovation while putting in place safeguards to protect users.&nbsp;</p> 
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 <p>My goal is to get something passed out of the Senate and into law by the end of the year, and I believe we can make that happen. We should strike a balance for crypto between promoting innovation and providing common-sense guardrails.</p> <cite>Chuck Schumer, Senate majority leader, speaking at Crypto4Harris virtual townhall </cite>
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<p>Schumer, who served as minority leader between 2017 and 2021, stated his belief that only Congress could provide the necessary regulatory framework to prevent the misuse of crypto and blockchain technology by bad actors.</p> 
<p> You might also like: <a href="https://crypto.news/us-govt-sent-594m-silk-road-bitcoin-to-coinbase/"> US govt sent $594m Silk Road Bitcoin to Coinbase </a> </p> 
<p>Florida Congressman Darren Soto, who is a member of the Congressional Blockchain Caucus, also participated in the town hall. He reportedly urged Vice President Kamala Harris to take decisive action on crypto policy, calling for the repeal and reform of the U.S. Securities and Exchange Commission’s <a href="https://crypto.news/us-senate-scraps-sec-crypto-policy-but-biden-says-hell-veto-sab-121-explained/" target="_blank" rel="noreferrer noopener">Staff Accounting Bulletin 121</a> and the passage of FIT21—a bill aimed at establishing clear crypto regulations.&nbsp;</p> 
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   <p lang="en" dir="ltr">🚨NEW: Florida Congressman <a href="https://twitter.com/RepDarrenSoto?ref_src=twsrc%5Etfw" target="_blank" rel="">@RepDarrenSoto</a> says he and his colleagues on <a href="https://twitter.com/BlockCaucus?ref_src=twsrc%5Etfw" target="_blank" rel="">@BlockCaucus</a> are calling on <a href="https://twitter.com/KamalaHarris?ref_src=twsrc%5Etfw" target="_blank" rel="">@KamalaHarris</a> to do three main things when it comes to <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">#crypto</a>:<br><br>📌Repeal and reform the <a href="https://twitter.com/SECGov?ref_src=twsrc%5Etfw" target="_blank" rel="">@SECGov</a>’s SAB 121<br><br>📌 Pass FIT21 and work with Congress to pass a final bill to establish…</p>— Eleanor Terrett (@EleanorTerrett) <a href="https://twitter.com/EleanorTerrett/status/1823891910765040091?ref_src=twsrc%5Etfw" target="_blank" rel="">August 15, 2024</a>
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<p>In May, the White House <a href="https://crypto.news/white-house-objects-to-fit21-act/" target="_blank" rel="noreferrer noopener">objected</a> to the bill, saying it would affect the United States’ crypto regulatory framework.</p> 
<p>Democrats have been <a href="https://crypto.news/democrats-are-starting-to-embrace-crypto-poll/" target="_blank" rel="noreferrer noopener">pushing</a> for a more crypto-friendly image ever since President Joe Biden bowed out of the upcoming U.S. presidential race and endorsed his deputy Harris to run in his stead.&nbsp;</p> 
<p>Her Republican opponent Donald Trump has put on a great show of embracing crypto, going as far as saying he will establish a Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" data-type="link" data-id="https://crypto.news/price/bitcoin/" rel="noreferrer noopener">BTC</a>) national reserve if he wins the November polls. He also promised to <a href="https://crypto.news/goodbye-gary-donald-trump-vows-to-fire-sec-chief-if-elected/" target="_blank" rel="noreferrer noopener">fire</a> SEC Chair Gary Gensler, a deeply unpopular figure in crypto circles for his seeming heavy handedness toward the industry.</p> 
<p> Read more: <a href="https://crypto.news/wisconsin-adds-447k-shares-to-blackrock-bitcoin-etf-holdings/"> Wisconsin adds 447k shares to BlackRock Bitcoin ETF holdings </a> </p>

Senate majority leader Schumer pushes for crypto regulation by year-end

crypto.news

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