Amid crypto turmoil, senators propose sweeping oversight
— Agencies charged, Explore whether, Senators, Congress, Digital asset firms, Ranging legislation unveiled tuesday would regulate cryptocurrencies, Cory booker, First time, Records, Called — 1 min read
Legislation would regulate cryptocurrencies and other digital assets following a series of high-profile busts and failures. It's unclear whether the bill can clear Congress, especially at a time of heightened partisanship ahead of midterm elections. The bill, called the Responsible Financial Innovation Act, proposes legal definitions of digital assets and virtual currencies. It also would make a distinction between digital assets that are commodities or securities, which has not been done. Despite the risks, roughly 16% of adult Americans, or 40 million people, have invested in cryptocurrencies, according to a Pew Research Center poll. This year, for the first time, industry executives have flooded money into congressional races, spending $20 million, records and interviews say.Cryptocurrencies have their supporters in Congress. Source