Senators Introduce Bipartisan Bill to Regulate Cryptocurrencies

Wide-ranging bipartisan legislation unveiled Tuesday would 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 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, 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.