New crypto oversight legislation arrives as industry craters

By FATIMA HUSSEIN and KEN SWEET
Associated Press

WASHINGTON (AP) — A bipartisan group of senators has proposed a bill to regulate cryptocurrencies. It’s the latest attempt by Congress to formulate ideas on how to oversee a multibillion-dollar industry that has been racked recently by collapsing prices and lenders halting operations. Senate Agriculture Committee chair Debbie Stabenow and member John Boozman on Wednesday proposed regulations that would authorize the Commodities Futures Trading Commission to be the default regulator for cryptocurrencies. That’s in contrast with other bills that have proposed giving the authority to the Securities and Exchange Commission. Co-sponsor John Thune says it’s critical that the commission “has the proper tools to regulate this growing market.”