🇺🇸 Democrats Rally For Crypto!
A recap of the Crypto4Harris virtual town hall and the major takeaways.
Recap of the Recent Town Hall: Democrats Rally Behind Crypto
Last night, Crypto4Harris hosted a pivotal town hall that witnessed a surge of support from key Democratic figures rallying behind the cryptocurrency industry. The event highlighted the growing consensus among Democrats on the importance of crypto regulation, with many pledging their commitment to advancing the industry while ensuring responsible oversight.
Key Highlights:
Senate Majority Leader Chuck Schumer Commits to Crypto Legislation
The most significant announcement of the evening came from U.S. Senate Majority Leader Chuck Schumer. In a bold statement, Schumer committed to passing sensible crypto legislation by the end of the year. He emphasized the need for a balanced approach that promotes innovation while implementing necessary guardrails. Schumer’s exact words were:
“My goal is to get something passed out of the Senate and into law by the end of the year, and I believe we can make that happen. I think we should strike a balance for crypto from between promoting innovation and providing common sense guardrails. It's a similar approach we've taken with another innovative technology, artificial intelligence. With the right regulation, we can provide a foundation that will help crypto reach its full potential so it can continue growing and innovating. Innovation is our North Star when it comes to AI or crypto, but we also need to provide some guardrails to keep users of this technology safe, to preserve our national security, and to ensure that this tech can't be abused by criminal organizations or other nefarious actors at the expense of the public good, and only Congress has the ability to provide this kind of balanced regulation.”
This statement marks a clear divergence from Senator Elizabeth Warren’s more critical stance on cryptocurrency, signaling potential momentum in the Senate for pro-crypto legislation.
Congressman Darren Soto's Call to Action
Florida Congressman Darren Soto, a prominent member of the Blockchain Caucus, laid out three critical actions for Vice President Kamala Harris to consider:
Repeal and Reform SEC’s SAB 121: Address the regulatory challenges posed by the SEC's Staff Accounting Bulletin 121.
Pass FIT21: Advocate for the passage of the Financial Innovation and Technology for the 21st Century Act and work with Congress to establish clear regulatory guidelines for crypto.
Recognize the Importance of Crypto: Particularly emphasize the role of crypto in remittances, highlighting its potential to revolutionize cross-border transactions.
Soto’s remarks underscore the growing pressure on the administration to take a proactive stance on cryptocurrency regulation.
Congressman Dan Goldman: New York’s Crypto Hub
Congressman Dan Goldman proudly declared that his district, New York’s 10th in lower Manhattan, is the “crypto capital of the country, and perhaps the world.” Goldman’s remarks reflect the vibrant crypto ecosystem thriving in New York City, further bolstering the case for supportive legislation.
Senator Debbie Stabenow: A Frustrated Expert
Senator Debbie Stabenow expressed her growing expertise in crypto matters, fueled by her engagement with industry experts. However, she voiced frustration over political gridlock, particularly criticizing Republicans for hindering progress on her Senate Agriculture Democrats’ crypto bill. Her determination to push forward despite obstacles is a positive signal for the industry.
My Thoughts: Time for Action, Not Just Words
The town hall was an encouraging display of Democratic support for crypto. It’s refreshing to see leaders like Schumer, Soto, Goldman, and Stabenow recognizing the potential of this industry. I’m optimistic that we can make crypto a nonpartisan issue—a US initiative that transcends party lines. The future of jobs, wealth creation, and the next industrial revolution hinges on our ability to embrace and support this technology.
However, it’s time for action. The industry has seen a lot of talk, and we’ve felt the sting of Senator Elizabeth Warren's Anti-Crypto Army. Now, we need our leaders to show us their support through tangible actions. We’re still waiting to hear from Vice President Kamala Harris on her crypto policy. The industry deserves clarity and commitment from the highest levels of government.
Let’s keep the momentum going, but remember, talk is cheap—action speaks louder.
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📰 Latest Crypto News:
Kamala Harris hints at appointing pro-bitcoin and digital asset advisers - Forbes
SEC filings show $1.3 trillion asset manager Morgan Stanley holds $187 million Bitcoin ETF holdings and $2.8 trillion asset manager Goldman Sachs holds $418 million Bitcoin ETF holdings.
Eric Trump says his family’s holding company, the Trump Organization, will soon unveil a new crypto initiative. - source
MetaMask announces Baanx, Mastercard-powered crypto debit card - source
SEC approves the first leverage long MicroStrategy ETF - source
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-Tony