This regulation is the first extensive bipartisan attempt to provide legal clarity to crypto markets.
The biggest takeaway from the bill is that most cryptocurrencies, including Bitcoin and Ethereum, are defined as commodities, which fall under the purview of the CFTC and not the SEC (the U.S. Securities and Exchange Commission).
In an interview with CNBC, Lummis and Gillibrand said the bill will have to go through at least three different Senate committees before moving for a full chamber vote.
The industry's reaction to the bill has been positive, with many touting the bill as a big step forward for the crypto space, preferring the CFTC oversight over the SEC.
"It is not likely the bill will be passed quickly because of the looming midterm elections in November."