After months of teasing a new U.S. regulatory entity focused on crypto, U.S. Senators Cynthia Lummis (R-WY) from the Senate Banking Committee and Kirsten Gillibrand (D-NY) from the Senate Agriculture Committee introduced bipartisan legislation on Tuesday. While the 69-page bill doesn’t address NFTs, it does provide crucial information that will help determine whether a token is considered a ‘commodity’ rather than a ‘security.’  Defining ‘digital assets’ and ‘virtual currencies’ In its current form, Lummis’ and Gillibrand’s bill defines a ‘digital asset’ as a natively electronic asset that confers economic or proprietary access rights or powers and includes virtual currency and […]