Schumer Aims for Bipartisan Pro-Crypto Legislation if Harris Wins Presidency

Senator Chuck Schumer, the majority leader of the United States Senate, has announced his intention to push for bipartisan pro-crypto legislation by the end of the year, contingent on Kamala Harris being elected President.

Speaking at the Crypto4Harris Town Hall, Schumer emphasised the importance of fostering crypto innovation in the US.

Addressing Crypto's Future

Schumer highlighted the risks of inaction, warning that failing to legislate could drive crypto innovation overseas to countries with minimal regulation.

He argued that a Harris administration would not inherently oppose cryptocurrency, and he pledged to work with lawmakers from both parties to pass sensible crypto legislation.

“We can’t continue to sit on the sidelines because then we risk sending cryptocurrencies overseas to the lowest common denominator countries where there is no regulation at all.”

Balancing Innovation and Regulation

Innovation is a priority, Schumer noted, whether in AI or crypto. However, he stressed the need for regulatory guardrails to protect users, preserve national security, and prevent misuse of cryptocurrency.

Schumer called on voters and crypto supporters to back the Harris campaign to ensure bipartisan support for future legislation.

“I want to bring members of both parties in the Senate together to build momentum so we can pass smart legislation that helps America maintain its position as the most innovative nation in the world.“