The bill, spanning 630 pages and spearheaded by Senator Cynthia Lummis, aims to regulate the crypto industry at the federal level for the first time. The new rules require "non-decentralized finance transaction protocols" to register with the Commodity Futures Trading Commission (CFTC) and direct the CFTC and Treasury Department to develop further regulations. The bill is scheduled for its first procedural vote on September 15 but faces challenges to its passage, including controversy over ethics provisions related to Donald Trump's growing crypto wealth, and reports indicate the latest version lacks Democratic support.