By Mark Hunter
1 day agoThu Aug 15 2024 07:07:21
Reading Time: 2 minutes
- Democrats have warned that Donald Trump’s interest in crypto benefits only his wealthy friends during a Crypto4Harris event
- The event featured prominent figures, including Chuck Schumer and Mark Cuban, emphasizing concerns about Trump and crypto
- Democrats have expressed relief as Biden’s anti-crypto policies have been replaced by a more forward-thinking group
A cryptocurrency event featuring multiple Democrat lawmakers warned that Donald Trump’s interest in crypto extends only as far as benefiting his wealthy friends. The Crypto4Harris event featured Senate Majority Leader Chuck Schumer and business titan Mark Cuban, the latter of whom issued the warning about Trump, as did Wiley Nickel, the Representative from North Carolina. Democrats have benefited from Joe Biden dropping out of the Presidential race as his anti-crypto policies have now been replaced by a more forward-thinking group, although it may prove to be a case of too little, too late.
Schumer Says Legislation Could Come This Year
During the virtual town hall, Schumer underscored the need for bipartisan action on cryptocurrency regulation in the US, noting, “We all believe in the future of crypto” and calling on Congress for “common sense and sound regulation” to ensure the industry’s growth.
He also urged the crypto community to support efforts to create a bipartisan legislative framework, stating his belief that there was a possibility of “getting something passed out of the Senate” this year.
Trump Only Wants to Make Friends Richer
Other key figures at the event included Anthony Scaramucci of SkyBridge Capital, who called for a bipartisan approach to crypto regulation, urging it to become “less tribal.” Congressman Wiley Nickel also weighed in, contrasting Harris’s potential leadership with former President Donald Trump’s past opposition to digital currencies:
Let me tell you, there’s only one candidate running for president who’s called crypto a scam, and that’s Donald Trump.
This was echoed by billionaire investor Mark Cuban, a vocal supporter of Harris, who criticized Trump and Republicans for what he described as a self-serving interest in crypto, claiming that the group merely wanted to pass laws that would help their rich friends get richer. Trump famously achieved this during his first term when he enacted a tax cut for the rich that directly impacted middle-class workers.
More Calls for CFTC Oversight
Senator Debbie Stabenow, who chairs the Senate Agriculture Committee, highlighted her focus on developing a regulatory framework that both protects consumers and fosters innovation. She suggested that the Commodity Futures Trading Commission could play a key role, given its more favorable stance toward crypto compared to the Securities and Exchange Commission, something that has already been mooted.
Harris has yet to publicly outline her stance on digital assets, and her campaign has not officially aligned with the crypto community, though it is reported that campaign officials were paying close attention to the discussions.
