A pair of senators introduced the first major bipartisan proposal for cryptocurrency regulation on Tuesday with a bill that is largely friendly to the industry. Sens. Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-Wyo.) want the government to treat bitcoin, ethereum and other cryptocurrencies like commodities such as wheat or aluminum — rather than as securities, the senators said. That would place most major cryptocurrencies under the jurisdiction of the Commodities Future Trading Commission instead of the Securities and Exchange Commission, which has argued that the digital coins should be treated as securities.
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