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Sweeping US Crypto Legislation Targets Stablecoins, Mining

  • New bipartisan digital-assets bill introduced this week
  • Plan faces uphill battle with congressional elections looming
Environmental groups have been calling for US policymakers to crack down on Bitcoin mining.

Environmental groups have been calling for US policymakers to crack down on Bitcoin mining.

Photographer: SeongJoon Cho/Bloomberg
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A sweeping bill from a bipartisan Senate duo would buttress rules pertaining to some of the hottest issues facing the crypto industry, including sanctions compliance, stablecoin oversight and energy usage. 

The legislation, introduced Tuesday by Wyoming Republican Cynthia Lummis and New York Democrat Kirsten Gillibrand, is one of the most ambitious attempts to regulate the volatile asset class. While chances of passage are slim ahead of November’s midterm elections, it could act as a starting point for negotiations next year.