A pair of US senators were set to propose legislation that would create special exemptions to federal law for some cryptocurrencies, amid an intensifying lobbying push by the industry to avoid existing regulations.

Senators Cynthia Lummis (R, Wyo) and Kirsten Gillibrand (D, NY) were set to introduce a bill on 7 June dubbed the Responsible Financial Innovation Act, which aims to create a “complete regulatory framework for digital assets”. In a joint press release, they said it would balance the crypto market’s need for guardrails and consumer protections with a desire to promote financial innovation.