WASHINGTON — Wide-ranging bipartisan legislation unveiled Tuesday 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 Sens. Kirsten Gillibrand, D-N.Y., and Cynthia Lummis, R-Wyo., can clear Congress.

The bill proposes legal definitions of digital assets and virtual currencies; would require the IRS to adopt guidance on merchant acceptance of digital assets and charitable contributions; and would make a distinction between digital assets that are commodities or securities.

The bill “creates regulatory clarity for agencies charged with supervising digital asset markets, provides a strong, tailored regulatory framework for stablecoins, and integrates digital assets into our existing tax and banking laws,” Lummis said in a statement. Stablecoins are a type of cryptocurrency pegged to a specific value, usually the U.S. dollar, another currency or gold.

Lummis has been a vocal advocate for cryptocurrency development and has invested between $150,000 and $350,000 in bitcoin, according to her financial disclosure.

The legislation imposes disclosure requirements on digital asset firms to ensure that consumers can make informed decisions and delineates agency responsibilities over various digital assets, among many other proposals.

The bill comes at a tumultuous time for cryptocurrencies, including the May meltdown of the TerraUSD stablecoin and Luna, the coin meant to buy and sell assets, which traded at a value of less than one ten-thousandth of 1 cent.