Amid crypto turmoil, senators propose sweeping oversight

WASHINGTON (AP) — A bipartisan pair of senators has unveiled what would be the most wide-ranging legislative proposal to regulate cryptocurrencies and other digital assets. The effort follows a series of high-profile busts and failures. It’s unclear whether the bill proposed by Democrat Kirsten Gillibrand of New York and Republican Cynthia Lummis of Wyoming can clear the hurdles of Congress. Heightened partisanship ahead of midterm elections is another impediment. Advocates for cryptocurrency have become bigger and more free-spending players in Washington politics. The bill unveiled Tuesday (June 7, 2022) is called the Responsible Financial Innovation Act and proposes legal definitions of digital assets and virtual currencies, among other things.