Sen. Cynthia Lummis' long-awaited crypto bill addresses regulatory blind spots: The Block

Although its still a work in progress, Senator Cynthia Lummis' much-awaited cryptocurrency bill addressed some regulatory blind spots surrounding stablecoins and the taxation of digital assets, according to a draft copy of the bill viewed by The Block on Friday. The draft focused on which activities would fall under the authority of the Commodity Futures Trading Commission ("CFTC"), the Securities and Exchange Commission ("SEC") and other federal agencies, The Block reported. "Except as otherwise provided by this section, the [CFTC] shall have exclusive jurisdiction over any agreement, contract, or transaction involving a contract of sale of a digital asset that is offered, solicited, traded, executed, or otherwise dealt in interstate commerce," the draft bill read, as quoted by The Block. The draft bill also added the term "ancillary asset" -- described as "an intangible asset that is offered, sold, or otherwise provided to a person in connection with the purchase and sale