After 13 years, at least three crashes, dozens of scams and Ponzi schemes, and hundreds of billions of dollars both made and then evaporated, cryptocurrencies finally have the full attention of Congress, whose lawmakers and lobbyists have papered Capitol Hill with proposals on how to regulate the industry.
The latest bipartisan proposal came Wednesday from Sens. Debbie Stabenow, D-Michigan, and John Boozman, R-Arkansas. It would hand the authority to regulate bitcoin and ether over to the Commodities Futures Trading Commission (CFTC). Stabenow and Boozman lead the Senate Agriculture Committee, which has authority over CTFC.
Bills proposed by other members of Congress and consumer advocates have suggested giving the authority to the U.S. Securities and Exchange Commission (SEC).
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