Senate Majority Leader Chuck Schumer thinks that new laws about U.S. cryptocurrency could be made by the end of this year. He talked about this at a special event called Crypto4Harris, which was to support Vice President Kamala Harris, whom some people in the crypto world like as a possible future president.

Will Crypto Bills Gain Momentum?

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• Senate Leader Chuck Schumer is hopeful about passing U.S. crypto legislation this year, stressing the importance of bipartisan cooperation.
• The Crypto4Harris group is gathering backing for Vice President Kamala Harris as a top choice for the crypto community, even though she hasn’t publicly shared her views on digital currencies yet.
• While the House has made progress on crypto bills, the Senate faces obstacles as elections approach, which might slow down significant legislative actions.

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At the online event, Schumer said it’s vital for everyone to work together to make these new crypto rules. He said, “We all believe in the future of crypto,” which means they think it will be necessary. He also noted that Congress, which is like a big group of people who make laws, needs everyone’s help to make reasonable rules for cryptocurrencies.

Even though Vice President Harris hasn’t said much about her views on digital money, some important people think she will help make new rules for it in the U.S. This event was one of the first attempts to get people who like crypto to support Harris. Before this, some people thought former President Donald Trump was more popular in the crypto world.

But Schumer knows there are challenges, which are like big problems because there will be elections soon. This might make it harder to make new laws. The House of Representatives, which is one part of Congress, has already made some rules about crypto. But the Senate, the other part, hasn’t done as much yet.

Schumer discussed a bill called the Financial Innovation and Technology for the 21st Century Act (FIT21), which the House passed. He also discussed another plan from the Senate Agriculture Committee, but he didn’t say for sure if he liked these plans. He said, “Crypto is here to stay, no matter what,” which means that digital money isn’t going away, so Congress needs to make good rules for it.

Anthony Scaramucci, who used to work for Trump, wants people to work together on crypto rules and not be divided. Congressman Wiley Nickel said that Trump didn’t like digital money before and that it wasn’t helpful.

Senator Debbie Stabenow wants to protect people and help new ideas grow. She thinks the Commodity Futures Trading Commission, which helps make rules, should oversee crypto. This group is thought to be nicer to crypto than the Securities and Exchange Commission.

Billionaire Mark Cuban wants Harris to like crypto. He said Trump and his friends only care about getting rich.

Other important people, such as Senator Kirsten Gillibrand, Governor Jared Polis, and Representatives Elissa Slotkin and Adam Schiff, also spoke at the event. They discussed how cool crypto could be and how their party could help it.

Until Harris says what she thinks about crypto, people will look at what the Biden administration has done. So far, they have had many legal fights and have not made clear rules.

There’s a group called the Fairshake political action committee, which gives money to help with elections. They help both Democrats and Republicans. They haven’t decided who to support for president yet, even though some people give them money, like Trump.

Crypto4Harris said they will start raising money in mid-September to get support from people who like crypto.

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