In a massive endorsement of cryptocurrencies from the Democratic faction, Senate Majority Leader Chuck Schumer (D) stressed the importance of “reasonable and sustainable” regulation for the sector.
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What happened: During a virtual interaction with a billionaire entrepreneur Marc Cubana well-known cryptocurrency advocate, organized by the advocacy group “Crypto for Harris.” Schumer stated flatly: “Cryptocurrencies are here to say no matter what.”
The senior Democrat acknowledged the growing popularity of cryptocurrencies, saying that about 20% of Americans use them and that number is expected to grow further.
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Schumer said: “My goal is to get something through the Senate and into law by the end of the year.”
He added that the goal was to strike a balance between fostering innovation and putting in place common-sense safeguards. “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.”
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Why it matters: Schumer’s remarks follow a coordinated campaign by the Democratic-leaning cryptocurrency lobby to rally support for the vice president. Kamala Harris campaign and counterbalance the former president Donald Trump ongoing awareness.
Although Harris did not attend the town hall meeting, there was a strong Democratic turnout, including Rep. Wiley Nickel (DN.C.) and the senator. Debbie Stabenow (D-Mich.), in addition to Schumer, who has thrown his support behind the campaign.
It’s worth noting that Schumer was one of nearly a dozen Democrats who crossed party lines and supported a resolution opposing a controversial SEC anti-crypto rule earlier in May.
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This article Mark Cuban Gets Assurance From Chuck Schumer: He Will Pass ‘Sensitive, Sustainable’ Cryptocurrency Bill By Year’s End originally appeared on Benzinga.com
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