KEY POINTS
- Schumer said in a letter that AI is one aspect of legislation lawmakers should prioritize in the remaining months of Congress
- Some crypto users were disappointed over Schumer's supposed backpedaling after he implied that crypto legislation is possible this year
- Other users said Democrats and other crypto advocates endorsing Harris will 'shoot our industry in the foot'
Senate Majority Leader Chuck Schumer is being questioned for supposedly "backtracking" on statements he made regarding prioritizing cryptocurrency-centric legislation, possibly this year.
During the Crypto4Harris virtual town hall last month, Schumer said he believes it is possible to get crypto bills passed in the Senate this year, seemingly suggesting that the industry will be prioritized. "Crypto is here to stay, no matter what, so Congress must get it right," he said.
It appears things have changed, as crypto was absent from a letter Schumer sent to his colleagues regarding the priorities for passing bipartisan legislation.
Schumer Highlights AI, Skips Crypto
In the letter, obtained by journalist Eleanor Terrett and posted on X on Sunday, Schumer urged his colleagues in the Senate to come together to pass bills that he believes should be prioritized in the remaining months of the current Congress.
🚨NEW: @SenSchumer sent a letter to his Senate colleagues where he mentioned priorities for passing bipartisan legislation in the remaining months of Congress. Cryptocurrency legislation was not mentioned, but artificial intelligence was.
— Eleanor Terrett (@EleanorTerrett) September 8, 2024
This, despite his adamance in the… pic.twitter.com/d0io7iWh75
"In the remaining months of this Congress, we can continue this momentum in even more key policy areas, but of course we will need Republican cooperation. There are still opportunities for bipartisan cooperation on NDAA, rail safety, lowering the cost of insulin and prescription drugs, artificial intelligence, among others," he wrote.
Was It All for Lip Service?
Crypto users on X have since reacted to the letter, with some saying it's not a surprising turn of events, and others expressing disappointment over Schumer's seeming change of heart.
One user said "it's literally all lip-service," also calling out Anthony Scaramucci and Mark Cuban for their "naïveté" that the user said will "shoot our industry in the foot." Scaramucci and Cuban appeared at the Crypto4Harris virtual town hall that Vice President Kamala Harris skipped.
It’s literally all lip-service, it’s sad that the “leaders” of our industry are grasping at the sweet nothings they whisper due to their severe TDS.
— AllGreenCandles (@AllGreenCandles) September 8, 2024
For THIS election, voting crypto means voting republican.
Full stop.
This naïveté from the @Scaramucci and the @mcuban of the…
Thinking Crypto podcast founder Tony Edward said it was "disappointing news" for the crypto industry, while another said Democrats and other crypto advocates who attended the event "just wanted money that day, and were gaslighting all the people there."
Should the Crypto Community be Surprised?
A few Democratic policymakers have expressed at least some support for the crypto sector, including Ro Khanna of California, and Wiley Nickel of North Carolina. However, many crypto users said the Democratic-led administration's shift just weeks after the town hall "should surprise absolutely nobody."
"If this administration really wanted to pass crypto legislation they would have already," trader @Dagnum_PI said. One user said there was no point engaging with lawmakers at this point. "Just have to show them at the polls," he said.
The last post of the Crypto4Harris group was on Aug 23. Since then, it has only re-shared a post from former President Barack Obama. It is unclear whether the organization still seeks to pursue another town hall, after some attendees said the August event was a letdown.
It remains to be seen whether Democrats will make a full pivot toward crypto, as some Republicans have. Ethereum founder Vitalik Buterin has warned crypto voters against blindly choosing politicians just because they claim to be pro-crypto.
