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In a disappointing turn of events for the cryptocurrency community, Senate Majority Leader Chuck Schumer has notably left crypto-related issues out of his latest bipartisan legislative agenda. This omission comes despite prior commitments to prioritize legislation addressing cryptocurrencies.
Legislative Agenda Excludes Cryptocurrency
In a recent letter addressed to his colleagues, Schumer outlined several key issues set to dominate the legislative agenda, including rail safety, insulin pricing, and artificial intelligence. However, there was a glaring absence of any mention of cryptocurrency, a topic that had previously been touted as a key priority.
Fox News journalist Eleanor Terrett highlighted this exclusion in a post on X, remarking, “Cryptocurrency legislation was not mentioned, but artificial intelligence was.” Terrett’s comments reference Schumer’s previously expressed commitment during the “Crypto4Harris” town hall, where he had said that proposing a regulatory framework for cryptocurrency was a pressing goal.
Commitment to Bipartisan Crypto Regulation
During the “Crypto4Harris” event earlier this year, Schumer underscored the necessity of passing a bipartisan crypto regulation bill by the end of 2024. He warned that the United States could not afford to remain inactive, allowing innovation in the cryptocurrency sector to migrate overseas.
Schumer advocated for a balanced regulatory approach that would promote innovation while instituting reasonable safeguards. This stance was mirrored by Florida Congressman Darren Soto at the same event, who urged Vice President Kamala Harris to take concrete steps regarding crypto policy.
Despite the support shown by lawmakers at the “Crypto4Harris” event, which aimed to rally the crypto community ahead of upcoming elections, Schumer’s recent legislative agenda has left many feeling let down.
Community Reaction and Criticism of the Administration
The exclusion of cryptocurrency from Schumer’s agenda has led to criticism from within the crypto community, with some individuals voicing their frustration at the Biden-Harris administration’s apparent indifference toward crypto issues. One user expressed skepticism about Harris’s commitment to crypto, highlighting her silence on the subject while accusing the administration of leveraging crypto events for political fundraising without a genuine investment in the issue.
The commentary on social media reflects a broader sentiment among crypto enthusiasts, who feel that the administration has not adequately acknowledged or supported the sector amidst ongoing regulatory challenges. Concerns were exacerbated by the recent SEC case against OpenSea, signaling a continued “war” on crypto.
Political Implications and Fundraising Efforts
As the political landscape continues to evolve, former President Donald Trump’s lead over Harris on Polymarket, a popular political betting platform, has grown. Currently, 52% of bettors are in favor of Trump, while 47% support Harris. This shift is particularly notable in light of Trump’s increasing appeal to crypto investors, especially since he has promised to advocate for Bitcoin and blockchain initiatives.
Conversely, Harris has faced challenges sustaining momentum, particularly leading up to and following the Democratic National Convention, where cryptocurrency was conspicuously absent from the discussions. In an effort to sway Harris’s views on crypto, a group of industry leaders organized a fundraiser aimed at raising $100,000, with ticket prices ranging from $500 to $5,000. This fundraiser is scheduled for September 13 in Washington, D.C., as supporters hope to signal the importance of cryptocurrency in the upcoming election.
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