A bipartisan group of senators on Wednesday proposed a bill to regulate cryptocurrencies, the latest attempt by Congress to formulate ideas on how to oversee a multibillion-dollar industry that has been racked by collapsing prices and lenders halting operations.
The regulations offered by Senate Agriculture Committee chair Debbie Stabenow and top Republican member John Boozman would authorize the Commodities Futures Trading Commission to be the default regulator for cryptocurrencies. That would be in contrast with bills proposed by other members of Congress and consumer advocates, who have suggested giving the authority to the Securities and Exchange Commission.
