Sens. Kirsten Gillibrand and Cynthia Lummis unveiled a bill Tuesday that would classify most cryptocurrencies as “ancillary assets” and place them under the jurisdiction of the Commodity Futures Trading Commission. (CNBC)

Talking point: The bill is the first major bipartisan effort to create new rules for cryptocurrencies in the U.S., according to CNBC. It’s also highly likely to appeal to the crypto industry, given that it would categorize the vast majority of digital assets as commodities—as opposed to securities, which are subject to an entirely different set of rules. Whether some crypto-based investments meet the definition of a security and are subject to oversight from the U.S. Securities and Exchange Commission has been a subject of debate in the industry for years; the new bill would clarify those regulations. Under chairman Gary Gensler, the SEC has been more aggressive about enforcing rules, and has reportedly examined whether companies including CDPQ-backed Celsius should have registered their products with the agency.