In what could be seen as a major sign of Democratic support for cryptocurrencies, Senate Majority Leader Chuck Schumer (D-NY) stressed the need for “sensible and sustainable” regulation of the sector. Speaking at a virtual town hall hosted by the advocacy group “Crypto for Harris,” Schumer was joined by billionaire entrepreneur Mark Cuban, a well-known cryptocurrency advocate.
Schumer has been adamant that “cryptocurrencies are here to stay, no matter what,” acknowledging the growing influence of digital currencies on the U.S. economy. He noted that about 20% of Americans currently use cryptocurrencies, and that number is expected to grow significantly. Schumer’s comments underscore the growing importance of establishing a regulatory framework that can accommodate the rapid growth of the sector.
“My goal is to get the bill through the Senate by the end of the year,” Schumer said, emphasizing his commitment to balancing fostering innovation with ensuring consumer protection. “With the right regulation, we can provide a foundation that will help crypto reach its full potential so it can continue to grow and innovate,” he added.
As the debate over cryptocurrency regulation intensifies, former President Donald Trump’s involvement in the industry is also coming to light. New campaign documents reveal that Trump holds more than $3 million in various cryptocurrencies and has made millions from his line of non-fungible tokens (NFTs). According to an August 15 filing with the U.S. Office of Government Ethics, Trump’s assets include a cryptocurrency portfolio containing between $1 million and $5 million worth of Ethereum.
Further analysis by research firm Arkham Intelligence suggests that Trump’s wallet contains $3.6 million in cryptocurrencies, including 492.5 Ethereum tokens worth about $1.29 million and 377,465 wrapped Ethereum tokens worth $989,500. The wallet also contains about $136,290 in the stablecoin USDC. Trump’s holdings also extend to various Trump-themed cryptocurrencies, including MAGA Again (MAGAA) and BabyTrump, though it’s unclear whether these are directly tied to the former president.
Trump’s significant involvement in the cryptocurrency market comes as his organization plans to launch a new cryptocurrency initiative in the coming weeks, a move confirmed by Eric Trump, who spoke to the New York Post on Wednesday.
Meanwhile, Bitcoin, the flagship cryptocurrency, continues to trade below $60,000 following the latest Consumer Price Index (CPI) report. Analysts generally expect Bitcoin’s price to remain range-bound until the November election, but a potential Trump victory could trigger a price surge. Jon Najarian, co-founder of Market Rebellion, predicts that Bitcoin could trade around $85,000 by the end of the year if Trump wins the election.
Vice President Kamala Harris’s late bid has also sparked interest in the crypto community. While Harris has yet to release a firm policy agenda on crypto, tech-savvy Democrats are increasingly pressuring her to craft policies that support both crypto-related funding and voter engagement.
Under President Biden’s administration, the Securities and Exchange Commission (SEC), led by Chairman Gary Gensler, has taken a cautious and sometimes controversial approach to cryptocurrency regulation. As the 2024 election season heats up, the future of cryptocurrency regulation in the United States remains a hotly debated topic, with both parties acknowledging its growing importance in the financial landscape.
As Schumer pushes for tighter regulation and Trump’s crypto transactions come to light, the political and economic implications of cryptocurrencies are becoming increasingly central to the national debate.
David Thompson
Financial office
