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Senate Majority Leader Chuck Schumer has set an ambitious goal of passing bipartisan cryptocurrency legislation by the end of the year, signaling a potential shift in the Democratic Party’s stance on digital assets.

Speaking at a virtual event hosted by Crypto4Harris, a grassroots organization advocating for Vice President Kamala Harris’ presidential campaign, Schumer stressed the need for “common sense and sound regulation” in the crypto industry.

The New York Democrat said: “Congress has a responsibility to provide common sense and sound regulation on crypto, and we need your support to ensure any proposal is bipartisan.”

Schumer’s comments come as the crypto industry searches for political allies ahead of the 2024 presidential election. While former President Donald Trump recently positioned himself as pro-crypto, the Biden administration’s approach has been marked by regulatory challenges and legal battles with industry players.

The Senate Majority Leader expressed optimism about passing legislation despite the approaching elections. He said:

“My goal is to get something passed by the Senate and into law by the end of the year, and I believe we can do that.”

He pointed to the Financial Innovation and Technology for the 21st Century Act (FIT21), which recently passed the House of Representatives, and mentioned a pending bill from the Senate Agriculture Committee. The same day the bill passed, the White House released a statement opposing it.

Several lawmakers and industry figures attended the Crypto4Harris event, including Sen. Kirsten Gillibrand (D-N.Y.) and billionaire Mark Cuban. While Harris herself was not in attendance and has not made any public statements on crypto policy, her supporters suggested she would take a more positive approach to the industry than the current administration.

The push for crypto legislation faces several obstacles, including a divided Congress and the looming general election. But Schumer insisted that progress is possible, citing his track record of passing bipartisan bills.

“Unfortunately, there are many members of Congress today who have built their political brands around creating spectacle and sensationalism rather than the hard work of legislation,” he said. “Yet it is absolutely possible to pass legislation this year, even in these divisive times,” Schumer added.

The crypto industry’s political action committees, such as Fairshake, have actively supported both Democratic and Republican candidates in congressional races. However, they have not yet directly engaged in the presidential campaign.

As the industry continues to seek clarity and support from potential presidential candidates, Harris’ campaign appears to be taking tentative steps to reach out to crypto advocates. A source close to her campaign team indicated that Harris is open to learning more about the technology and its implications.

Schumer stressed the importance of balancing innovation with consumer protection and national security concerns.

“We cannot afford to sit on the sidelines because then we risk cryptocurrencies going to lowest common denominator countries where there will be no regulation at all,” he warned.

With multiple cryptocurrency bills in various stages of development in both the House and Senate, the coming months will be crucial in determining the future regulation of digital assets in the United States.

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