Senator Chuck Schumer has promised "personally" to push for pro-crypto laws if Kamala Harris wins the Presidential election in November.
While Vice President Kamala Harris has yet to clarify her position on crypto, Circle's CEO, Jeremy Allaire, says she's making genuine efforts.
Even though Donald Trump has positioned himself as crypto-friendly, his past criticism of Bitcoin is his biggest setback.
The "anti-crypto Harris, pro-crypto Trump" narrative might be oversimplified.
For months, the narrative with U.S. politics has been "Trump: pro-crypto, Harris: anti-crypto".
This narrative has been so popularized that even the crypto market's prices have reacted accordingly, soaring when Donald Trump makes a major move and crashing when Kamala Harris makes one.
The market reacts to U.S. politics.
However, there are growing signs that things may not be so “black and white” with crypto after the elections in November.
Senator Chuck Schumer, the Democratic Senate majority leader, just vowed to personally champion pro-crypto legislation if Vice President Kamala Harris is elected president of the U.S.
According to findings from a poll conducted with Mercury Analytics, Kamala Harris can improve her chances of winning in November by appealing to crypto fans.
The Democrats have taken this to heart, and according to Schumer in a recent "Crypto4Harris" Town Hall meeting, lawmakers can no longer ignore the importance of innovation in crypto.
The Crypto4Harris meeting
"We cannot afford to continue to sit on the sidelines because then we risk crypto going overseas", Schumer stated, showing concern that the U.S. may fall behind in the global race for crypto if it doesn’t adopt more favourable regulations.
Schumer further promised to pass bipartisan pro-crypto legislation by the end of 2024 if Harris wins the presidency.
"Innovation is our North star when it comes to A.I. or crypto," Schumer declared.
This comes as a larger effort to influence the public towards Harris' side regarding crypto.
So far, Harris has yet to clarify her position on crypto policy, and many continue to speculate that she might continue with President Biden's harsh approach.
This uncertainty has left the door open for other candidates like Donald Trump to make his own appeal to the community by promising to end "Joe Biden's war on crypto".
However, Trump's strategy appears to be losing steam as more Democrats from Harris continue showing openness to crypto.
Democrats like Representative Wiley Nickel and Senator Debbie Stabenow have also been increasingly open to crypto. More Democrats are starting to mention Trump's "suspicious" change in stance after being massively anti-crypto in 2021.
Democrat and Billionaire investor Mark Cuban also fired at Trump at the Crypto4Harris event, stating that the Republicans "couldn’t care less" and "just want to see the Bitcoin maxis get richer."
In an interview with CNBC on 14 August, Jeremy Allaire also said that Harris and her campaign team were making "genuine efforts" to understand crypto, its players, the industry and its policies.
Overall, as the elections approach, the future of crypto regulation in the U.S. remains an issue.
Will Harris be the anti-crypto president that voters perceive her to be, and is Trump really the "crypto saviour" he paints himself as?
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