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There’s a new plan to regulate cryptocurrencies. Here’s what you need to know

Instead, it tanked and is now virtually worthless.

That crash reignited calls for new rules to govern a cryptocurrency market that is still something of a wild frontier. And now we have perhaps the biggest step yet toward new crypto regulation.

Two senators — a Republican and a Democrat — teamed up to unveil a broad new regulatory bill last week. But skeptics are already warning it’s a step backwards and is far too crypto-friendly.