Senate Bill Aims to Stop Future Crypto Meltdowns: Crypto in D.C.

Latest draft of a bipartisan Senate cryptocurrencies bill that is looking to prevent another meltdown like the TerraUSD stablecoin implosion could be released as soon as this week, seeking to bring order and oversight to the digital assets world.

Wyoming Republican Cynthia Lummis and New York Democrat Kirsten Gillibrand are writing the bill, which is seen as having a better chance of becoming law than many other crypto bills that have been introduced so far. The senators say TerraUSD’s collapse underscores the need for the regulatory framework they plan to propose.

Securities and Exchange Commission Chair Gary Gensler is pushing ...