A bipartisan pair of senators has unveiled what would be the most wide-ranging legislative proposal to regulate cryptocurrencies and other digital assets, following a series of high-profile busts and failures.
It’s unclear, though, whether the bill proposed by Sens. Kirsten Gillibrand, D-N.Y., and Cynthia Lummis, R-Wyo., can clear the hurdles of Congress, especially at a time of heightened partisanship ahead of midterm elections. The bill also comes as advocates for cryptocurrency have become bigger — and more free-spending — players in Washington.
The bill unveiled Tuesday, called the Responsible Financial Innovation Act, proposes legal definitions of digital assets and virtual currencies; would require the IRS to adopt guidance on merchant acceptance of digital assets and charitable contributions; and would make a distinction between digital assets that are commodities or securities, which has not been done.
