Bipartisan Crypto Bill To Hit Congress Within Weeks

Senators Lummis and Gillibrand are out to prove bipartisan digital asset policy is still possible in Washington

article-image

Sen. Kirsten Gillibrand (D-NY); Source; Gage Skidmore

share

key takeaways

  • Senators Lummis and Gillibrand said they plan to unveil their bipartisan crypto bill in June
  • It will be the first comprehensive cryptocurrency bill to be introduced, Gillibrand said

Senators Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-NY) took the stage Tuesday at the DC Blockchain Summit to discuss details of their highly anticipated bipartisan cryptocurrency bill, which they said will be introduced as soon as next week. 

The Responsible Financial Innovation Act, which has been in the works for over a year, is going to be the first comprehensive digital assets framework to make it to Capitol Hill, Gillibrand said. 

“Our bill does include some of the [same] provisions as some of the other House and Senate bills, but no other bill endeavors to create a regulatory framework for the whole industry,” Gillibrand said. “Most other bills are small, discreet and one-idea bills.” 

Highlights of the bill include provisions that protect miners from being treated as brokers, which tackles a controversial section of the recently-passed Infrastructure Bill. It also grants the Commodity and Futures Trading Commission (CFTC) regulatory authority over much of the space and clarifies that cryptocurrencies are not securities unless they are being offered to fund a company, such as an initial coin offering. 

“It’s pretty clear that bitcoin is a commodity,” Lummis said. “It is our intent that the CFTC takes the reins of jurisdiction over bitcoin and [ether], together they make up over 60% of the cryptocurrency markets in existence, and they’re the ones that are most likely to survive.” 

The bill references the same “responsible innovation” highlighted in President Biden’s executive order. It’s a cause the two senators are hoping their colleagues can get behind. 

“Cynthia [Lummis] and I together can work with our colleagues to find the common ground to move it forward,” Gillibrand said. “I’m very optimistic, and the reason I am is because this bill has been heavily researched.”

The two senators have consulted with stakeholders and industry leaders for months to compose this bill, Lummis added. There have been successful bipartisan efforts in the past, Gillibrand said, and this should be no different. Still, getting the bill to the floor is going to be an uphill battle, the two admitted.

This bill will have at least four committees of jurisdiction, Gillibrand said. To make it to a vote on the floor, it will likely need at least four hearings, which can be a lengthy process. Efforts are already underway, Gillibrand said. 

“On my committee of jurisdiction on the Agriculture Committee, Debbie Stabenow (D-Mich.) was very interested in this space,” Gillibrand said. “I’m going to give her our draft legislation and I’m hoping that she likes it enough to mark up this draft.”


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates (3).png

Research

Pear Protocol has proven its market fit through its pair-trading infrastructure, sustaining consistent trading activity despite recent headwinds. Its strategic pivot toward Hyperliquid integration represents a major growth catalyst amid industry consolidation. While short-term token unlocks present challenges, current valuations and liquidity conditions may offer compelling opportunities for investors.

article-image

For just $54, you, too, could send a memecoin 500% higher

article-image

Memecoins, tech, and inflation have dominated the first half of the year

article-image

As the Trump administration continues to test Fed independence, markets are beginning to react

article-image

An Aave interest rate shock prompted over 475,000 validators to exit and pushed stETH into a prolonged depeg

article-image

While Roman Storm’s team is set to present its case, it’s not yet clear if the Tornado Cash founder will testify

article-image

A wireless network inspired by lost drones is now helping telco carriers reach your phone indoors