(Bloomberg) -- Senate Majority Leader Chuck Schumer aims to get cryptocurrency rules in the US passed into law this year, he said at an event convening supporters of Vice President Kamala Harris within the digital-asset industry.
Schumer took part in the “Crypto4Harris” event on Wednesday evening alongside a group of Democrat lawmakers and entrepreneurs that included billionaire Mark Cuban.
“I want to bring members on both sides of the aisle here in the Senate together to create momentum so we can pass sensible legislation that helps the United States maintain its status as the most innovative country in the world,” Schumer said, adding that he hoped to see rules passed into law by the end of 2024.
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The grassroots gathering came as Harris seeks a reset of relations with the crypto industry, swathes of which have rallied behind former President Donald Trump in recent months. Trump recently told a Bitcoin conference in Nashville that he would make the US the “crypto capital” of the world and if elected pledged to fire Securities and Exchange Commission chair Gary Gensler, who has led a crackdown against US crypto companies.
Democratic candidate Harris is yet to clarify her stance on the digital-asset industry, though the Financial Times reported in July that her advisors had approached crypto companies in search of a “reset” of relations.
Michigan Democratic Senator Debbie Stabenow told Harris supporters at the event that she wanted to “reaffirm the fact that we are committed to keeping this innovation in the United States, supporting the growth and at the same time protecting the interests of consumers.”
The crypto industry is a major source of political donations for both parties, with spending during 2024 dwarfing previous election cycles. Protect Progress, along with affiliated pro-crypto super PACs Fairshake and Defend American Jobs, have raised $170 million in total, according to Federal Election Commission filings.
Schumer said he hopes to push “sensible, long-lasting legislation” through the Senate this year, where proposed rules have faced repeated delays. “I believe we can make that happen. Crypto is here to stay, no matter what,” he added.
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