Schumer says a crypto bill can pass Senate this year; Dems join

Senate Majority Leader Chuck Schumer said Wednesday that he believes the Senate can realistically pass a bipartisan crypto regulation bill before the end of the year, giving fresh hope to an industry that has been stuck in legislative limbo for years.

“Passing legislation this year is absolutely possible, even in these divided times,” Schumer said during a virtual town hall event to help raise money for the Democratic presidential nominee, Vice President Kamala Harris.

Dubbed “Crypto4Harris,” the event featured billionaire Mark Cuban and Schumer’s fellow New York senator, Kristen Gillibrand, as well as Sen. Debbie Stabenow of Michigan. Stabenow chairs the Senate Agriculture Committee, where a bipartisan crypto bill is working its way through the committee.

Two Democrats running for Senate seats also joined the event: Rep. Elissa Slotkin, who is running to replace the retiring Stabenow in Michigan and Rep. Adam Schiff, the favorite to win an open seat in California. Colorado Governor Jared Polis and Rep. Wiley Nickel, N.C., were also on the call.

“Why are we here today? Because we all support Vice President Kamala Harris to be our next president, and we all believe in the future of crypto,” said Schumer.

“My goal when it comes to crypto regulation is this: I want to bring members on both sides of the aisle here in the Senate together… so we can pass sensible legislation that helps the United States maintain its status as the most innovative country in the world,” he added.

Schumer’s overall support for crypto isn’t new — he joined Republicans earlier this year to overturn regulatory guidelines that the industry said were too onerous. But his ringing endorsement of digital currencies on Wednesday went further than many on Capitol Hill had expected to hear from him.

“Crypto is here to stay no matter what. So Congress must get it right,” he said.

Sheila Warren, CEO of the Crypto Council for Innovation, hosted the evening event, the latest in a series of zoom calls and town halls intended to raise money and consolidate support for Harris among different constituencies.

Harris did not join the online event, but many members of her party chimed in to reassure the crypto sector writ large that a potential Harris administration would be supportive of creating a regulatory framework for the industry that would help foster innovation at home.

Gillibrand said in a pre-taped address that a future Harris administration would “understand” and “facilitate” a “balanced approach” to regulating the sector.

More than 70 House Democrats crossed the aisle in support of the Financial Innovation and Technology for the 21st Century Act which passed the House this May. It heads to the…