- Schumer advocated for bipartisan pro-crypto legislation amid Harris’ campaign.
- Harris gained traction over Trump in a crypto-focused Polymarket prediction.
In a striking contrast to the recent concerns voiced by Galaxy Digital’s Head of Research, Alex Thorn, regarding Vice President Kamala Harris’ tough stance on cryptocurrency, Democratic Senator Chuck Schumer has emerged as a surprising advocate for the industry.
Schumer backs Harris
Speaking at the Crypto4Harris Town Hall, a grassroots initiative promoting a crypto-friendly agenda within the Harris campaign, Schumer, the majority leader of the United States Senate, emphasized the urgency of embracing cryptocurrency innovation in the U.S.
He said,
“We cannot afford to continue to sit on the sidelines because then we risk crypto going overseas to lowest common denominator countries where there will be no regulation at all.”
The rise in crypto adoption
As expected, recognizing the significant growth and impact of cryptocurrency over the past decade, Schumer hinted that a Harris administration might not be entirely anti-crypto.
He also expressed his commitment to pushing for pro-crypto legislation in the U.S., aiming to achieve this by the end of the year if Harris becomes president.
“I want to bring members on both sides of the aisle here in the Senate together, create momentum so we can pass sensible legislation that helps the United States maintain its status as the most innovative country in the world.”
Crypto handled in the US to date
That brings us back to the Biden administration’s handling of cryptocurrency, which had turned it into a partisan issue, particularly during the passage of the significant SAB 121 bill.
However, here it’s important to note that despite the Crypto4Harris event, Vice President Harris has yet to fully articulate her stance on pro-crypto policies.
In contrast, former President Donald Trump has actively embraced cryptocurrency throughout 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 propelled her to the top of the Polymarket prediction market, where she initially tied with Trump at 49% odds of winning.
Following this event, Harris began to outpace Trump, and recent updates show her leading with a 54% chance, while Trump’s support has dropped from 72% to 45%.
Source: Polymarket
That being said, billionaire investor Mark Cuban also took the opportunity to criticize Trump and the Republican Party during the Crypto4Harris event, when he stated,
“Republicans couldn’t care less. They just want to see the Bitcoin maxis get richer.”
What’s more to it?
However, based on Schumer’s words, it seems clear that,
“Congress has a responsibility to provide common-sense and sound regulations for crypto.”
And as it’s obvious, this doesn’t imply that Schumer was in favor of 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 to be our next president and we all believe in the future of crypto.”
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