Senator Kristen Gillibrand told attendees of the crypto event: "We’ve been working hard to develop a comprehensive cryptocurrency framework that enables entrepreneurs and businesses to innovate responsibly while also protecting consumers and cracking down on bad actors,”

Sen. Debbie Stabenow (D-Mich.), who chairs the Senate Agriculture Committee, said her goal is to "provide the structure that both protects consumers but also allows this innovation to really flourish," referring to crypto commodities as something the Commodity Futures Trading Commission – long seen as a potentially friendlier regulator toward crypto than the Securities and Exchange Commission – should oversee.

U.S. crypto legislation can happen this year, Senate Majority Leader Chuck Schumer (D-N,Y,) said Wednesday at the first major event in which crypto insiders have come out for Vice President Kamala Harris as their favored presidential contender.

"We all believe in the future of crypto," Schumer said at an 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."

"Crypto is here to stay, no matter what, so Congress must get it right," Schumer said.