CryptoLink - August 2024 Updates

The Senate has yet to take action on the 21st Century Act (FIT21) (H.R.4763) which passed the House by a comfortable margin of 279-136 on May 22, 2024. FIT21 is a proposed landmark piece of legislation that would enact a comprehensive regulatory framework for the digital assets industry. Sens. Cynthia Lummis (R-WY) and Kirsten Gillibrand’s (D-NY) Lummis-Gillibrand Responsible Financial Innovation Act (S.2281) also awaits consideration in the Senate. On August 14, at an event titled “Crypto4Harris,” a number of high-ranking Democrats including Senate Majority Leader Chuck Schumer expressed support for crypto. Majority Leader Schumer also said that he believes a crypto bill can pass the Senate this year, a signal that Democrats are steadily moving in a pro-crypto direction. Following the Democratic National Convention which ran from August 19 to August 22, Vice President Kamala Harris is now officially the Democratic nominee for President. Vice President Harris and her running mate, Minnesota Governor Tim Walz, have not been especially active on crypto to date. In contrast with the 2024 Republican Platform, the 2024 Democratic Platform, which was released on August 19, also did not mention crypto or digital assets.