U.S. Senate bill would hand bitcoin, ether oversight to commodities regulator

, with lawmakers in both the House and Senate working on measures intended to place guardrails around the market, which has experienced significant turmoil and high-profile failures in recent months.

Stabenow told reporters the bill is not intended to cover the entire cryptocurrency market, or undermine the ability of the Securities and Exchange Commission to police crypto products that function more like securities. “We’re not defining what security is. I have great confidence in Chairman Gensler to be able to use his authorities,” she said.

While the window is closing for legislative action ahead of the November midterm elections, Stabenow and Boozman both insisted they wanted to move ahead with the legislation as quickly as possible, without laying out a precise timeline. Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter.

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