Sweeping US Crypto Legislation Targets Stablecoins, Mining (1)

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.

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The lawmakers have been drafting the plan ...