WASHINGTON—A pair of U.S. senators unveiled legislation that would create special exemptions to federal law for some cryptocurrencies, amid an intensifying lobbying push by the industry to avoid existing regulations.
Sens. Cynthia Lummis (R., Wyo.) and Kirsten Gillibrand (D., N.Y.) outlined a bill Tuesday dubbed the Responsible Financial Innovation Act, which aims to create a “complete regulatory framework for digital assets.” In a joint press release, they said it would balance the crypto market’s need for guardrails and consumer protections with a desire to promote financial innovation.