U.S. Crypto Regulation by 2024? Schumer Lays Out His Strategy

• Schumer aims to pass crypto regulation by year’s end, modeled after AI safeguards.
• He emphasizes balancing innovation & safety in crypto regulation for national security.
• Growing crypto use prompts Schumer’s call for bipartisan support to maintain U.S. innovation lead.

Eleanor Terrett, a journalist in the crypto community, recently took to X to share developments in the ongoing discussions surrounding crypto regulation in the United States. Eleanor highlighted comments made by Senate Majority Leader Chuck Schumer regarding his ambitions for crypto regulation. 

Schumer expressed his intent to adopt cryptocurrency regulation after the approach taken with artificial intelligence (AI), aiming to have a bill passed through the Senate and signed into law by the end of the year.

According to Terrett’s post, Schumer outlined his vision for crypto regulation, stressing the importance of striking a balance between adopting innovation and ensuring adequate safeguards. 

He noted that, much like the regulatory framework for AI, crypto regulations should promote technological advancements while providing common-sense guardrails. Schumer believes that with the right rules, the cryptocurrency industry can reach its full potential, continuing its trajectory of growth and innovation.

Schumer stated that:

“Innovation is our North Star when it comes to AI or crypto, but we also need to provide some guardrails to keep users of this technology safe, to preserve our national security, and to ensure that this tech can’t be abused by criminal organizations or other nefarious actors at the expense of the public good. Only Congress has the ability to provide this kind of balanced regulation.”

In addition to Terrett’s post, Good Morning Crypto echoed Schumer’s commitment to advancing crypto legislation within the year. Schumer declared that Congress must implement logical regulations for the crypto market. He expressed his aim to pass a bill through the Senate and into law by the end of 2024, emphasizing the importance of bipartisan support to reach this goal.

Schumer recognized the rising impact of crypto in the U.S., noting that about 20% of Americans now use digital assets. He stressed the need to build support in the Senate to pass laws that keep the U.S. as a top leader in innovation.