Senate Majority Leader Chuck Schumer has set a goal to pass comprehensive cryptocurrency legislation by the end of 2024. Schumer announced this during a virtual town hall meeting hosted by Crypto4Harris, aimed at promoting pro-crypto talking points for Democratic presidential candidate Kamala Harris.

The event was attended by Senators Kirsten Gillibrand and Debbie Stabenow, Colorado Governor Jared Polis, and investor Mark Cuban. Schumer expressed his intention to pass a bipartisan crypto bill through the Senate and into law by the end of 2024.

My goal is to get something passed out of the Senate and into law by the end of the year, and I believe we can make that happen. We should strike a balance for crypto between promoting innovation and providing common-sense guardrails.

Schumer emphasized that the United States risks losing its competitive edge if it continues to lag in digital asset regulation, potentially pushing the industry to less regulated offshore jurisdictions. He compared the proposed crypto regulation to the approach taken with artificial intelligence, stressing the need for innovation while implementing safeguards to protect users.

Schumer, who served as Minority Leader from 2017 to 2021, believes that only Congress can provide the necessary regulatory framework to prevent the misuse of cryptocurrency and blockchain technology by bad actors.

Florida Congressman Darren Soto, a member of the Congressional Blockchain Caucus, also participated in the town hall. He urged Vice President Kamala Harris to take decisive action on crypto policy, calling for the repeal and reform of the U.S. Securities and Exchange Commission’s Staff Accounting Bulletin 121 and the passage of FIT21—a bill aimed at establishing clear crypto regulations.

In May, the White House objected to the FIT21 bill, arguing that it would affect the United States’ crypto regulatory framework. Democrats have been pushing for a more crypto-friendly image ever since President Joe Biden endorsed Vice President Harris for the upcoming U.S. presidential race.

Her Republican opponent, Donald Trump, has also shown support for cryptocurrency, promising to establish a Bitcoin national reserve if he wins the November polls. He also pledged to remove SEC Chair Gary Gensler, who is unpopular in crypto circles for his stringent approach toward the industry.

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