Deniz 
Chuck Schumer, the majority leader of the U.S. Senate, said he plans to draft laws controlling cryptocurrencies before the end of this year.
The New York Democrat stated during a Wednesday night Crypto4 Harris town hall that Congress has the duty to “provide common sense and sound regulation.”
“My goal is to get something passed out of the Senate and into law, and I believe we can make that happen,” Schumer added. “I believe we should find a balance for crypto between encouraging invention and offering common-sense guidelines.”
Though they have not yet been presented before President Joe Biden’s desk, Washington legislators are working on several measures to control cryptocurrencies. Legislators in the Senate are working on laws controlling the crypto sector. Introduced in April, a bill by Sens. Cynthia Lummis, R-Wyo., and Kirsten Gillibrand, D-N.Y., would restrict algorithmic stablecoins while building a framework for stablecoins. Expected to be brought back up in September, Senate Agriculture Committee Chair Debbie Stabenow, D-Mich., is also working on legislation to control cryptocurrencies.
On the House side, legislators passed a Republican-led crypto market structure bill in May that gives the Commodity Futures Trading Commission new jurisdiction over “digital commodities” and declares the Securities and Exchange Commission would monitor digital assets supplied as part of an investment contract. Former Speaker of the House Rep. Nancy Pelosi of California, among other Democrats, cast votes in favor of the measure. Work on a bill controlling stablecoins has also started.
Schumer cited his past performance in securing bipartisan legislation. Legislation pertaining to cryptocurrencies should have guardrails that stop technology from being controlled and encourage invention simultaneously. Washington legislators cannot “stick our heads in the sand and do nothing” or “cannot afford to continue to sit on the sidelines,” he said.
“Sadly, a lot of Congressmen nowadays develop their political brands around producing spectacle and sensationalism instead of putting in the hard work of legislation,” Schumer remarked. “Still, passing laws this year is quite feasible, even in these split times. I know this since the majority leader has repeatedly done it.”
“Crypto is here to stay no matter whatever, so Congress must get it right,” Schumer said.
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