At the Crypto4Harris event on Wednesday, democratic officials praised the importance of cryptos and claimed that Harris will remove obstacles for the crypto bill in the United States. Senate majority leader Schumer expressed his hope for the two parties to work together to pass the crypto bill in support of the United States' leading position in innovation.
Senate majority leader and Democratic senator Schumer attended a Crypto4Harris event on Wednesday night with government officials and entrepreneurs to support Harris and cryptocurrencies.
Schumer announced plans to introduce a US crypto bill this year at the event. He hopes that senators from both parties can unite to help the United States maintain its position as the most innovative country in the world by legislating to support the crypto industry.
Crypto4Harris is one of the Democratic Party's few efforts to gain support from the crypto industry. Currently, Harris is far less popular in the crypto industry than her main rival, Trump, partly due to the high-pressure regulation of the crypto industry during the Biden administration and partly because Harris has yet to clarify her policy on the crypto industry.
Although Harris did not attend the Crypto4Harris event, she gave a speech at the opening ceremony. Several Democratic senators said that Harris will clear the way for new crypto regulations in the United States.
But there is still a long way to go. Although Schumer and other Democratic officials have expressed a friendly attitude towards the crypto industry, their so-called crypto bill is still just an empty promise. Apart from slogans like "passing the bill through the Senate," Schumer has not provided any details about the bill.
In addition, the future of Schumer and the Democratic Party is still uncertain as the US Congress will hold a general election with a change of presidency at the end of this year. The smooth passage of the crypto bill looks like both a wish and a "mutual assistance" agreement with the crypto industry.
The US crypto industry has always been a major donor in political campaigns. According to documents from the Federal Election Commission, the fundraising organization Protect Progress and its affiliated pro-crypto super PACs Fairshake and Defend American Jobs raised a total of 0.17 billion US dollars this year.
This huge sum of money is obviously very attractive. This prompted Democratic Senator Debbie Stabenow to emphasize on Wednesday that she believes cryptos should be regulated by the US Commodity Futures Trading Commission.
Before the general election, the Democratic Party and the Biden administration hesitated on whether to hand over cryptos to the US Securities and Exchange Commission for regulation. It is well known that the SEC is one of the most dissatisfied regulatory agencies towards cryptos, and its chairman Gary Gensler has repeatedly threatened to treat cryptos as securities in order to strictly regulate the entire industry.
However, times have changed, and the once tough-minded Gensler has almost disappeared during the general election. This also shows the urgency for the Democratic Party to rebuild a good relationship with the crypto industry.
September is usually the beginning of a massive advertisement war between the two parties, meaning that the resource war with real money is about to begin and intensifying the competition between the two parties for the support of the crypto industry.
But be cautious of promise-breaking.
Editor/ping