U.S. crypto legislation could materialize this year, according to Senate Majority Leader Chuck Schumer (D-N.Y.), who expressed his optimism during a significant event where crypto advocates rallied behind Vice President Kamala Harris as their preferred presidential candidate.

"We all believe in the future of crypto," Schumer stated at the online event hosted by Crypto4Harris. "Congress has a responsibility to provide common sense and sound regulation on crypto, and we need your support to make sure that any proposal is bipartisan." While Harris has yet to publicly articulate her stance on digital assets, several Democratic lawmakers and prominent supporters assured attendees that she would likely lead the charge for new U.S. crypto regulations.

The event, one of the early efforts to garner crypto industry backing for Harris, follows a period during which former President Donald Trump seemed to be gaining traction within the sector. Although Harris has not made any formal statements regarding her position on crypto, it was noted that campaign officials were listening in at the event.

Schumer acknowledged the difficulties in advancing crypto legislation, especially as the congressional session heads toward the general election, complicating progress on major policy issues. While the House of Representatives has made strides in moving crypto bills forward, the Senate has lagged behind.

"I believe we can make that happen," Schumer asserted, though he stopped short of specifying the contents of the bill, merely expressing his intent to get "something passed out of the Senate." He mentioned the Financial Innovation and Technology for the 21st Century Act (FIT21), which passed in the House, and a yet-to-be-introduced bill being developed in the Senate Agriculture Committee, but did not explicitly endorse either.

Schumer underscored that "crypto is here to stay, no matter what, so Congress must get it right." SkyBridge Capital's Anthony Scaramucci, a former Trump press secretary, echoed the need for crypto to remain bipartisan and "less tribal." Congressman Wiley Nickel (D-N.C.) also briefly praised crypto before introducing a panel of lawmakers who spoke to the attendees.

"Let me tell you, there's only one candidate running for president who's called crypto a scam, and that's Donald Trump," Nickel said. "He did absolutely nothing for four years as president and was openly hostile up until just recently."

Senator Debbie Stabenow (D-Mich.), who chairs the Senate Agriculture Committee, emphasized the goal of "providing the structure that both protects consumers but also allows this innovation to really flourish," and suggested that the Commodity Futures Trading Commission—viewed by many as a friendlier regulator toward crypto than the Securities and Exchange Commission—should oversee crypto commodities.

"Our House colleagues have already moved forward a bill. In the Senate, it's the Democrats that are serious about getting something done and working with our great new president," she added. Mark Cuban, a billionaire who has been actively trying to sway Harris toward a pro-crypto stance, criticized Trump and Republicans, stating, "They just want to see the Bitcoin maxis get richer."

The event also featured remarks from Senator Kirsten Gillibrand (D-N.Y.), Governor Jared Polis (D-Colo.), and Representatives Elissa Slotkin (D-Mich.) and Adam Schiff (D-Calif.), who discussed the Democratic Party's potential approach to the crypto industry and the importance of supporting Harris.

Until Harris clarifies her position on crypto, her stance will largely be associated with the Biden administration's record, which has been marked by legal battles and the absence of industry-specific regulations.

The crypto industry's primary campaign finance group, Fairshake, has been strategically allocating its resources across both parties in congressional races, but has not yet engaged in the presidential race. Some of Fairshake's largest financial backers, however, have also supported Trump.

Crypto4Harris announced plans to launch grassroots fundraisers in mid-September to garner support from the crypto community.