Sen. Kirsten Gillibrand, D-N.Y., and Sen. Cynthia Lummis, R-Wyo. W ide-ranging bipartisan legislation unveiled yesterday in Washington would regulate cryptocurrencies and other digital assets following a series of high-profile busts and failures. It’s unclear, though, whether the bill proposed by U.S. Sens. Kirsten Gillibrand, D-N.Y., and Cynthia Lummis, R-Wyo., can clear Congress, especially at a time of heightened partisanship ahead of midterm elections. The bill also comes as advocates for cryptocurrency have become bigger — and more free-spending — players in Washington. The bill, called the Responsible Financial Innovation Act, proposes legal definitions of digital assets and virtual currencies; would...