President Biden ordered a halt to the MineOne operation near Warren Air Force Base, citing Chinese ownership, foreign technology and proximity to a strategic missile base.
Senators from both parties, Cynthia Lummis and Ron Wyden, questioned the use of money-transmitter laws in cases such as those against Samouri Wallet and Tornado Cash.
The legislation known as FIT21, which would set up a system to govern U.S. crypto markets, is headed toward a House vote, though that may mark the end of this effort.
The U.S. derivatives regulator approved a proposed rule that punctuates a long-standing legal dispute between the agency and predictive markets platforms.