- Schumer advocated for bipartisan pro-crypto legislation during Harris’ campaign.
- Harris came to grips with Trump in a crypto-focused Polymarket prediction.
In stark contrast to recent concerns from Galaxy Digital’s head of research Alex Thorn about Vice President Kamala Harris’ tough stance on cryptocurrency, Democratic Senator Chuck Schumer has emerged as a surprising advocate for the industry.
Schumer supports Harris
Speaking at the Crypto4Harris Town Halla grassroots initiative promoting a crypto-friendly agenda within the Harris campaign, Schumerthe US Senate Majority Leader, emphasized the urgency of embracing cryptocurrency innovation in the US
He said,
“We cannot afford to sit on the sidelines as we risk crypto going abroad to lowest common denominator countries where there will be no regulation at all.”
The rise of crypto adoption
As expected, Schumer, aware of the significant growth and impact of cryptocurrency over the past decade, hinted that a Harris administration might not be completely anti-crypto.
He also expressed his commitment to pushing for pro-crypto legislation in the US, with the aim of achieving this by the end of the year if Harris becomes president.
“I want to bring together members on both sides of the aisle here in the Senate, building momentum so that we can pass common-sense legislation that helps the United States maintain its status as the most innovative country in the world.”
Crypto is covered in the US so far
Which brings us back to the Biden administration’s handling of cryptocurrency, which turned it into a partisan issue, especially during the passage of the landmark SAB 121 bill.
However, here it is important to note that despite the Crypto4Harris event, Vice President Harris has yet to fully articulate her position on pro-crypto policy.
In contrast, former President Donald Trump actively embraced cryptocurrency during his campaign, from Bitcoin-themed sneakers to NFT dinners and appearances at major crypto events like the Bitcoin Conference.
However, Harris has managed to gain significant traction with just one event.
Harris tops Polymarket
The Crypto4Harris initiative took her to the top of the Polymarket prediction market, where she was initially tied with Trump with a 49% chance of winning.
After this event, Harris began to overtake Trump, and recent updates show her taking the lead with a 54% chance, while Trump’s support has dropped from 72% to 45%.
Source: Polymarkt
That said, billionaire investor Mark Cuban also took the opportunity to criticize Trump and the Republican Party at the Crypto4Harris event, when he stated:
“The Republicans don’t care. They just want the Bitcoin maximums to get richer.”
What else is going on?
However, based on Schumer’s words, it seems clear that:
“Congress has a responsibility to provide common sense and proper regulation for crypto.”
And as is clear, this doesn’t mean Schumer was for Trump. In fact, he made his support for Harris very clear when he stated:
“We are here today because we all support Vice President Kamala Harris as our next president and we all believe in the future of crypto.”