Schumer works crypto for Kamala Harris, with help from Mark Cuban

Senate Majority Leader Chuck Schumer (D-N.Y.) will take a stab at getting the cryptocurrency industry to back Vice President Kamala Harris, Axios has learned.

Why it matters: Democrats have work to do to get the industry in their camp, with the Biden administration seen as unfriendly to crypto. The industry is waiting to see where Harris comes down on the issue.

• Schumer will speak at a town hall Wednesday night hosted by a group called “Crypto4Harris.” He will be introduced by billionaire Mark Cuban, a source told Axios. The hope is to boost fundraising for Harris.

Between the lines: Schumer is expected to champion a bill from Senate Democrats to expand the federal government’s ability to oversee digital assets. The legislation has received a lukewarm response from the industry.

• Schumer will point out that Senate Republicans are standing in the way of the bill going forward in the chamber, the source said.
• Other Democratic lawmakers, including Rep. Ritchie Torres (D-N.Y.), will be on the virtual fundraiser.

Zoom out: Fairshake PAC has amassed over $85 million to spend on the 2024 election cycle, with contributions from crypto firms, executives and investors.

• That’s just a fraction of the money being thrown around by the industry, and Democrats want that financial backing.

• Fairshake announced this week that it will spend millions to oust Sen. Sherrod Brown (D-Ohio), and it will support two Senate Democratic candidates in Arizona and Michigan.

The bottom line: While crypto has been increasingly discussed by policymakers, there has been little progress or clarity on how the federal government will deal with the industry.

• Whoever controls the levers of government over the next four years will have a tremendous amount of influence over the future of cryptocurrency.