- The initial โCrypto4Harrisโ meeting gathered a handful of industry professionals.
- Senator Chuck Schumer aims to create a crypto legislation bill by the end of 2024.
- Anthony Scaramucci & Mark Cuban call for bi-partisan commitment to regulation.
Cryptocurrency and blockchain technology have become an unavoidable part of this yearโs United States presidential election. As the Democratic candidate Kamala Harris seeks to mend her partyโs troubled relationship with blockchain tech, the new โCrypto For Harrisโ campaign is set to tackle the issues related to digital asset regulation.
In the campaignโs inaugural virtual town hall on Zoom which took place on Wednesday, multiple industry heavyweights shared their expertise on how to embrace the world of digital currency. Among those were Senators Chuck Schumer, Kirsten Gillibrand, Debbie Stabenow and famed crypto entrepreneurs Anthony Scaramucci and Mark Cuban.
Senator Shows Full Crypto Support, Calls For Unity
As the Republican candidate Donald Trump had already proclaimed himself as the โCrypto Presidentโ, the rhetoric around which candidate would be better for crypto legislation has been one-sided. Interestingly though, the multi-millionaire entrepreneur Mark Cuban referred to Trumpโs claims as a โhuge favorโ for the opposing party.
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Mark Cuban asserted that Donald Trumpโs extended support for crypto conflicts with the philosophy that blockchain technology enables โthe unbanked & others to participate and to have the opportunity to create wealthโ, while the Republican party presumably โjust want to see the Bitcoin Maxis get richerโ.
While pointing fingers at the opposition is nothing unusual in the current United States political climate, several calls for unity were made. While Mark Cuban clearly stated that โregulatory clarity is good for everyoneโ, this opinion was also shared by Senator Chuck Schumer.
Coming out of the closet as a huge cryptocurrency enthusiast, Mr. Schumer expressed the need for unity: โI want to bring members of both sides of the aisle togetherโ. In order to maintain the status of the U.S. being the most innovative country in the world, Senator Chuck Schumer is looking to create a game-changing crypto legislation bill by the end of this year.
Crypto Sector Is No Longer Optional, Itโs Essential
Congressman Dan Goldman, an attorney who served as lead counsel in the first impeachment of former President Donald Trump, seconded the opinion of Senator Chuck Schumer, adding that โkilling crypto is the equivalent of killing the internet in the late 90s, instead we should harness itโ.
Moreover, rep. Dan Goldman echoed the call for unity, saying that โwe need regulation that protects the consumer and fosters innovationโ. The same bi-partisan commitment to regulation was highlighted by SkyBridge Capitalโs co-founder Anthony Scaramucci.
The crypto hedge fundโs managing partner previously compared negligence of crypto to โbeing against dogsโ. Meanwhile, Californian rep. Adam Schiff emphasized that this innovation should stay within the United States, as a continuation of the sluggish crypto legislation by Joe Biden would eventually result in โextremists winningโ.
โThis is a fight worth fightingโ – concluded Amanda Wick, one of the organizers of the Crypto4Harris virtual town hall. Whilst Chuck Schumerโs pledge to create a clear regulatory framework by the end of the year received unanimous support from the audience, not everybody was convinced.
Austin Campbell, a blockchain enthusiast and founder of Zero Knowledge Consulting, shared the popular belief that Kamala Harrisโ absence from this crypto-focused town hall added to the disappointment, as no clear statement from her could mean โmore SEC disastersโ.
Mr. Campbell is referring to Donald Trumpโs vow to immediately remove Gary Gensler, the Chair of Securities and Exchange Commission (SEC), from duty. Mulled as a chief crypto antagonist, Gary Genslerโs crypto crackdowns often take a toll on crypto prices, even though both Bitcoin and Ethereum exchange-traded funds (ETF) were approved under his ruling.
On the Flipside
- In the online meeting, shots were fired at several Democratic party politicians, including Senator Elizabeth Warren, known for her strict anti-crypto stance.
- Due to her reckless anti-crypto crusade, 32 Democratic party members voted to rollback SEC guidelines on money laundering in May, 2024. These included Senator Cory Booker and the Majority Leader Chuck Schumer.
- Congressman Willy Nickel called the Republican candidate Donald Trump โtotally full of s***โ, reminding that Trump has been hostile towards crypto until recently, alleging that Trumpโs new pro-crypto rhetoric is just to garner votes.
Why This Matters
With over 55 million Americans owning crypto today, the sector presents an opportunity to generate wealth and financial freedom, but also imposes legal and social challenges due to vague legislation.
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