BGOV OnPoint: Sweeping Crypto Bill Kicks Off Negotiations

The federal government would have a new framework to support and oversee cryptocurrencies under significant bipartisan legislation laying the groundwork for a regulatory overhaul.

Sens. Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.) unveiled a sweeping bill (S. 4356) in June that would address stablecoins, taxes, and sanctions compliance, among other hot-button issues for the industry.

Their high-profile bill is one of several offered by lawmakers to prevent future financial market turmoil and sort out bureaucratic turf wars following the meltdown of the stablecoin TerraUSD in May. Though the measure is unlikely to be voted on this year, ...