In a massive endorsement for cryptocurrencies from the Democratic faction, Senate Majority Leader Chuck Schumer (D) emphasized the importance of "sensible and long-lasting" regulation for the industry.
What Happened: During a virtual town hall interaction with billionaire entrepreneur Mark Cuban, a known cryptocurrency advocate, organized by the "Crypto for Harris" advocacy group. Schumer stated emphatically, "Crypto is here to say, no matter what."
The senior Democrat acknowledged the growing popularity of cryptocurrencies, stating that approximately 20% of Americans use them and that the number is expected to rise higher.
Schumer declared, "My goal is to get something passed out of the Senate and into law by the end of the year."
He added that the intention is to strike a balance between promoting innovation and providing common sense guardrails. "With the right regulation, we can provide a foundation that will help crypto reach its full potential so it can continue growing and innovating."
Why It Matters: Schumer's remarks came in the wake of a coordinated campaign by Democratic-leaning cryptocurrency lobby to muster support for Vice President Kamala Harris' campaign and counterbalance former President Donald Trump's ongoing outreach.
While Harris did not attend the town hall, there was a strong Democratic attendance, including Rep. Wiley Nickel (D-N.C.) and Sen. Debbie Stabenow (D-Mich.), in addition to Schumer, who lent support to the campaign.
It's worth noting that Schumer was one of almost a dozen Democrats who crossed the party line and supported a resolution opposing a contentious anti-crypto SEC rule earlier in May.
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