Latest news with #CharlesSchumer
Forbes
25-06-2025
- Business
- Forbes
Normalizing Risk In Crypto Policy Debates Promotes Bipartisanship
WASHINGTON, DC - APRIL 30: Senate Minority Leader Charles Schumer (D-NY) (L) and House Minority ... More Leader Hakeem Jeffries (D-NY) rally with fellow Democrats to mark the first 100 days of President Donald Trump's second term in the White House on the East Steps of the U.S. Capitol on April 30, 2025 in Washington, DC. (Photo by) If Washington officials and the crypto native industry normalized discussions about risk, could that create a more comfortable place in the sector for Democrats who want to have a different conversation about how to unleash the power of blockchain and cryptocurrency, while also safeguarding market participants? The partisan backlash over stablecoin legislation that has played out in the U.S. House and Senate for the most part has been around risk. There were as many as 100 amendments during debate of the GENIUS Act. Members, such as Senator Ruben Gallego (AZ), who pushed back with real concerns in the end voted in favor of the bill after transparent, good faith negotiations. Normalizing topics about risk, just as we have done with issues like privacy in crypto, may lead to more substantive deliberations and the advancement of a policy and regulatory framework that ensures entrepreneurs and small business owners can innovate here in America. US Democratic Congressman Jared Polis of Colorado uses a Robocoin machine to purchase bitcoins ... More during a demonstration on Capitol Hill in Washington, DC, April 8, 2014. Robocoin is the world's first bitcoin kiosk for buying and selling the digital currency. AFP PHOTO / Saul LOEB (Photo credit should read SAUL LOEB/AFP via Getty Images) Democratic Lawmakers Champion Crypto There is already a track record of common ground. The refrain that Democrats are anti-crypto is a misnomer. Democratic officials have been champions for a long time, which is why there have been so many significant policy strides. In a twist of fate, it was President Obama's Commodity Futures Trading Commission in September 2015 that first classified Bitcoin and Ethereum as commodities. This decision was justification for an enforcement action that, in hindsight, ended up being a landmark decision that even former Securities and Exchange Commission Chair Gary Gensler could not dismantle during his regulation by enforcement tenure. A year later, then Democratic Congressman Jared Polis (CO-02) launched the Congressional Blockchain Caucus in September 2016, along with Republican Congressman Mick Mulvaney (SC-05). 'The blockchain has boundless potential. From cryptocurrencies to supply chains to banking to property titling, blockchain-based solutions have the ability to decentralize cybersecurity and revolutionize many industries. It's vital for Americans, businesses, and members of Congress to learn about blockchain technology so the U.S. can continue to secure its stance as the global leader of ingenuity. The Blockchain Caucus will focus on raising awareness, advancing ideas that foster growth, and safeguarding consumers,' U.S. Rep. Polis said back in 2016. Congresswoman Stacey E. Plaskett (VI) would later become the first female, and Congressional Black Caucus Member, to join that Caucus in 2019. UNITED STATES - FEBRUARY 07: Del. Stacey Plaskett, D-V.I., leaves the Capitol after the last votes ... More of week on Friday, February 7, 2020. (Photo By Tom Williams/CQ-Roll Call, Inc via Getty Images) Financial Inclusion Is Simply No Longer Enough How did things shift? Creating a financial system that is open and accessible to everyone is a guiding principle of the 2008 Bitcoin white paper, and has been central to crypto's narrative from the beginning. So, why has the prospect of financial inclusion not overruled dissenters like Congressman Brad Sherman (CA-32) and Senator Elizabeth Warren (MA)? They declared war on crypto during COVID and positioned themselves as the unofficial voices for Democrats on all matters relating to crypto. The answer may simply be that Democratic policymakers and rulemakers have been burnt before. Leading up to the 2008 financial crisis, predatory payday and subprime lenders lobbied Congress under the guise of financial inclusion and enlisted prominent civil rights groups to amplify their message. A crisis of their own making? That was the implication in a 2009 analysis by the Center for Public Integrity that stated, "Congress paved the way for the creation of the subprime lending industry in the 1980s." Balancing Innovation With Guardrails Today, many Congressional Democrats may be skeptical when industries make bold claims about any type of inclusion. In the 1990s, the internet industry lobbied Congress and made the case that the world wide web would be a decentralizing medium. Yet, a handful of wealthy now control Web2, and lack of inclusion in Silicon Valley has been the subject of many Congressional inquiries. History may have shown that it is safer to tread cautiously. Washington Democrats certainly have taken a more tempered approach to the crypto industry - focusing on risk, scams, and illicit use of cryptocurrencies. This should not be too surprising since research shows that communities of color have tapped digital assets for wealth creation. Derisking Debates About Risk On a more extremely level, Senator Warren, Congressman Sherman, and their supporters have weaponized valid questions and concerns around anti-money laundering, ransomware, and fraud. Their crusade even imprinted on the Biden Administration, which broadly claimed the current rules were sufficient, contributing to the lack of clarity plaguing the industry today. But they do not compromise a majority of Democratic lawmakers. Most want an honest debate that is not contentious - deliberations where they can ask tough questions and have productive exchanges about solutions. The stake are high. Diverse consumers and nontraditional retail investors - including women, young people, the working class - are leading national adoption of cryptocurrency. These market participants have a higher risk appetite and embrace alternative financial instruments. This growing trend does warrant a deeper focus on financial education and digital tools to help consumers to identify scams. As financial and technological innovations become more accessible and easier to use, developers may need to integrate risk mitigation in design and development as enhanced product components. Some builders are already exploring these types of features. Debates about risk do not have to be feared as covert attempts to undermine or derail the sector. It is past time to stop treating risk like the third rail - code for anti-crypto. In fact, the path to greater bipartisanship in crypto policy may be normalizing risk mitigation as core to the innovation paradigm, thereby creating a more comfortable access point for Democratic officials.
Washington Post
17-06-2025
- Politics
- Washington Post
Schumer calls for increased security for senators
Politics Schumer calls for increased security for senators June 17, 2025 | 4:46 PM GMT Senate Minority Leader Charles E. Schumer (D-N.Y.) on June 17 called for additional security measures to better protect elected officials in the wake of the Minnesota shooting.
Washington Post
09-06-2025
- Politics
- Washington Post
Four races to watch as Democrats fight to retake the Senate
Senate Minority Leader Charles E. Schumer (D-New York) believes his party can retake the Senate in next year's midterm elections — but Democrats face daunting odds. Democrats would need to pick up four seats to regain control of the chamber, including at least two in states that President Donald Trump carried last year by double-digit margins.
Yahoo
31-05-2025
- Business
- Yahoo
Lowville Kraft Plant sees $22 million in funding withdrawn
LOWVILLE, N.Y. (WWTI) – The Lowville Kraft plant will be losing out in $22 million funding after cuts made by the federal government. In an announcement from United States Senator Charles Schumer's office, President Donald Trump's administration 'abruptly rescinded a $170 million Department of Energy grant for Kraft-Heinz. Sweet Victory: Kraft Heinz in Lowville reclaims largest cheesecake record The cuts were earmarked for clean energy and decarbonization projects across the nation under former President Joe Biden. Lowville's plant was slated to use the money to transition the Kraft-Heinz plant in Lowville off of fossil fuels. On Friday, the federal government officially withdrew $3.7 billion in funding for 24 projects spanning the nation. This includes $170 million that was supposed to be aside for the Kraft-Heinz company to decarbonize 10 production facilities. Lowville was included on that list of plants. This federal funding was promised to Kraft-Heinz to modernize the Lowville factory and support North Country jobs. Taking away this investment is an unjust blow to Lewis County's biggest employer. United States Senator Charles Schumer Schumer went onto add 'It is a slap in the face by the Trump administration to the North Country to eliminate funding that is critical to the success of this major employer. I urge Congresswoman Stefanik to join me in denouncing the Trump administration's callous cancellation of this grant, knowing that this action directly hurts local jobs, undercuts the success of one of the North Country's most beloved employers, and undermines upgrades meant to help a factory that so many of our Upstate dairy farmers rely on.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
29-05-2025
- Business
- Yahoo
Canadian bridge traffic down from last year
WATERTOWN, N.Y. (WWTI) – Canadian border crossing at New York ports of entry have dropped by over 20-percent from last year according to Senator Charles Schumer's office. In an announcement released on Wednesday, border crossings have dropped by around 290,000 according to the senator's office. Schumer said that tariff's imposed by President Donald Trump have caused a 'nose dive' in entries. What is the 'TACO trade' on Wall Street? According to statistics from Schumer's office, crossings at the Ogdensburg-Prescott International Bridge saw the second-steepest decline percentage at 27.51-percent. Last year saw 43,945 entries, but that's down to 31,857. The Thousands Islands Bridge also saw a drop of 20.2-percent from last year with 117,953 crossings. That number was 147,814 at this time last year. The Seaway Bridge in Massena only saw a decrease of 1.91-percent 205,518 entries as opposed to 209,524 from last year. According to Customs & Border Patrol (CBP), almost 290,000 fewer travelers crossed the Upstate New York-Canadian border last month than over the same period in 2024, a whopping 22% decrease. Burning bridges and ruining relationships with our closest ally and key trading partner, Canada, right when summer tourism season is arriving, is about as destructive as it gets. Upstate NY is on the frontlines of Trump's destructive tariff war, and this shocking new data shows our tourism economy is paying the price from Buffalo to Ogdensburg. United States Senator Charles Schumer The announcement was made in conjunction with the start of summer tourism season occurring with recent passing of the Memorial Day holiday. According to a recent North Country Chamber of Commerce survey, 66% of businesses are already experiencing a dip in Canadian bookings. Canada is the top source of international visitors to the U.S., with 20.4 million visits in 2024, generating $20.5 billion in spending and supporting 140,000 American jobs. Schumer said if there were even a 10-percent reduction in Canadian travel, it could mean as much as $2 billion in lost spending and 14,000 job losses across America. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
