Crypto Implosion Juices Senate Odd Couple’s Push to Clamp Down

As a popular digital currency crumbled this month, two unlikely allies in the US Senate stepped up their campaign to bring regulation to the $1.3 trillion crypto market.

Cynthia Lummis, a conservative Republican from a Wyoming ranching family, and Kirsten Gillibrand, a moderate Democrat from Albany, New York, aren’t supposed to get along -- let alone work together. But with Washington riven by deep partisan division, they have bonded over one thing: crypto needing new rules.

The duo is planning to release a draft of their proposal as soon as next week that aims to prevent crises like ...