Senate Majority Leader Chuck Schumer Excludes crypto from Latest Legislative Agenda
Senate Majority Leader Chuck Schumer has raised eyebrows by omitting cryptocurrency from his most recent bipartisan legislative agenda. Despite previous assurances that crypto regulation would be a top priority, Schumer's "Dear Colleague" letter focused on topics like rail safety, insulin pricing, and artificial intelligence while failing to mention digital assets.
Fox news journalist Eleanor Terrett pointed out this glaring omission in a recent post on X, highlighting the absence of cryptocurrency legislation despite Schumer's earlier promises.
At the "Crypto4Harris" town hall earlier this year, Schumer emphasized the urgency of passing comprehensive crypto regulation by the end of 2024. He stressed that the United States must not risk losing ground in innovation to other countries and must actively engage in shaping the future of the crypto industry.
Schumer's Disappointing Turn of Events
However, Schumer's backtrack on crypto legislation has left many in the decentralized finance community feeling let down. While he initially championed the importance of striking a balance between fostering innovation and implementing regulatory safeguards, his recent actions have contradicted his earlier stance.
During the "Crypto4Harris" event, Florida Congressman Darren Soto also urged Vice President Kamala Harris to take decisive action on crypto policy. The event aimed to rally support from the crypto community leading up to the November elections, showcasing a lineup of prominent pro-crypto Democrats.
Despite early promises and rhetoric around prioritizing crypto regulation, Schumer's latest agenda has left stakeholders in the digital asset space feeling disillusioned.
Criticism of the Biden-Harris Administration
Amid this shift in focus, some members of the crypto community have criticized the Biden-Harris administration for its perceived lack of seriousness towards cryptocurrency. One Twitter user noted Vice President Harris' silence on the issue, questioning the administration's real commitment to engaging with crypto stakeholders.
Although the Harris campaign recently started accepting cryptocurrency donations through Coinbase, little mention of digital assets or blockchain can be found on her official campaign website.
Trump Gains Momentum on Polymarket as Support for Harris Wanes
Meanwhile, former President Donald Trump has seized a lead over Vice President Kamala Harris on Polymarket, a popular prediction market for political events. The majority of bettors on the platform currently favor Trump, signaling a resurgence in his support base.
Trump's pro-crypto stance and promises to support the bitcoin sector and blockchain initiatives have resonated strongly with crypto investors, contributing to his growing popularity. In contrast, Harris has struggled to maintain momentum on Polymarket, especially after the Democratic National Convention where crypto-related topics were notably absent.
In response to Harris' tepid approach towards crypto, a group of industry leaders organized a fundraiser in Washington, D.C., aiming to influence her stance on digital assets should she win the presidential election in November. The fundraiser seeks to raise $100,000, with ticket prices ranging from $500 to $5,000.
