A crypto bill may pass the Senate this year, according to Schumer, with key Dems joining the 'Crypto4Harris' call.

• On Wednesday evening, Vice President Kamala Harris' campaign received support from top Democrats during a virtual town hall focused on the digital asset sector.
• Democrats are now attempting to reposition themselves as pro-crypto, following a long history of being perceived as critics of the industry.
• Chuck Schumer, the Senate Majority Leader, endorsed the passage of a crypto law by the end of the year during the event's kickoff.

Chuck Schumer, the Senate Majority Leader, stated on Wednesday that he believes it is possible for the Senate to pass a bipartisan crypto regulation bill before the year ends, providing new hope to an industry that has been stagnated in legislative uncertainty for years.

Schumer stated during a virtual town hall event that passing legislation this year is possible, despite the current divided times.

The "Crypto4Harris" event included billionaire Mark Cuban, Sen. Kirsten Gillibrand, and Sen. Debbie Stabenow of Michigan, who chairs the Senate Agriculture Committee and is working on a bipartisan crypto bill.

Two Democrats vying for Senate positions, Elissa Slotkin of Michigan and Adam Schiff of California, participated in the event. Additionally, Jared Polis, the governor of Colorado, and Wiley Nickel, a representative from North Carolina, were present.

Schumer stated that the purpose of the gathering is because everyone present supports Vice President Kamala Harris as the next president and shares a belief in the future of cryptocurrency.

He stated that his objective for crypto regulation is to unite senators from both sides of the aisle, enabling them to pass practical legislation that preserves the United States' position as a global leader in innovation.

Schumer's endorsement of digital currencies on Wednesday exceeded expectations, as he has previously shown support for the industry but not to this extent.

No matter what happens, Crypto will remain. Therefore, Congress must act correctly.

The Crypto Council for Innovation's CEO, Sheila Warren, hosted the latest in a series of zoom calls and town halls aimed at raising funds and unifying support for Harris among various groups.

Although Harris did not participate in the online event, several members of her party spoke up to reassure the crypto sector that a potential Harris administration would create a regulatory framework to support innovation in the industry.

In a pre-recorded speech, Gillibrand stated that a future Harris administration would "comprehend" and "enable" a "balanced strategy" for regulating the industry.

In May, the House passed the Financial Innovation and Technology for the 21st Century Act, with more than 70 Democrats supporting it. The bill now moves to the Senate for further consideration.

Schumer has not yet revealed which bills he will support, but his attendance at Wednesday's town hall with Stabenow could suggest that he is leaning towards Stabenow's legislation.

In recent months, the voting bloc with a talent for tokens has emerged as a crucial force in the 2024 elections, both at the presidential and Senate levels.

Donald Trump, the Republican presidential nominee, has recently started addressing the crypto sector in his campaign speeches. He also headlined the largest bitcoin event of the year in Nashville last month, despite previously dismissing both bitcoin and other cryptocurrencies, stating that tokens are not money and their value is "based on thin air."

Representatives Ro Khanna, D-Ca., and Nickel, D-N.C., have disclosed that they are in direct communication with the Harris campaign team regarding her official views on crypto.

"Rep. Nickel previously stated to CNBC that he believes Vice President Harris will soon address the issue and that he is optimistic about a reset. He also emphasized the importance of continuing to embrace the issue in a bipartisan manner."

The pro-crypto electorate is being courted by candidates at the same time that the crypto sector is investing heavily in crucial races.

On Wednesday, Fairshake, a pro-crypto super PAC, pledged to donate $3 million each to Slotkin and Gallego, a Democratic representative running for a seat in Arizona.

Both Schumer and his party are facing tough Senate races against Trump-endorsed candidates, with the outcome of these races potentially determining whether they retain the majority.

According to an NBC report, top Republicans were angered by Fairshake's financial backing of Democratic candidates in these races, as they viewed the industry as an ally rather than an opponent.

Robert Mitchnick, BlackRock's Head of Digital Assets, stated to CNBC that the most significant development he has witnessed in 2024 is the growing acceptance of cryptocurrency as a legitimate and crucial issue, with this shift becoming more bipartisan in nature.