Amid crypto turmoil, senators propose sweeping oversight
By FATIMA HUSSEIN
Associated Press
WASHINGTON (AP) — Wide-ranging legislation unveiled Tuesday would regulate cryptocurrencies and other digital assets following a series of high-profile busts and failures. It’s unclear whether the bill proposed by Democrat Sen. Kirsten Gillibrand of New York and Republican Sen. Cynthia Lummis of Wyoming can pass Congress. The bill unveiled Tuesday proposes legal definitions of digital assets and virtual currencies. It 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. Surveys show that roughly 16% of adult Americans, or 40 million people, have invested in cryptocurrencies.