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Two Bills On Cryptocurrencies Introduced In The US Congress

03 Apr 2019

In what will come as good news, US representatives Warren Davidson and Darren Soto, who have been at the forefront of bringing about blockchain and cryptocurrency to the mainstream have introduced two Bills on the same in the Congress.The Bill which maybe titled ‘Virtual Currency Consumer Protection Act of 2019′ if it becomes an Act, states, “It is the sense of Congress that virtual currency could have a significant effect on the economy, and regulation of them may be important to protect investors, deter bad actors, create market certainty, and ensure American competitiveness in an evolving global marketplace.”The Bill was introduced in an effort to study the potential of price manipulation. Before that, the Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC), and other relevant Federal Agencies may be directed to submit a report to the the Committees on Agriculture and on Financial Services of the House of Representatives and the Committees on Agriculture, Nutrition, and Forestry and on Banking, Housing, and Urban Affairs of the Senate, discussing the same.The report, would have to include, methods by which persons could manipulate the price of virtual currencies; which types of virtual currency, if any, are more susceptible to being manipulated; and the effects on, and particular harm to, investors if price manipulation of virtual currencies occurs.Additionally, the CFTC, would have to provide a detailed analysis on how much it wields control over issues such as market surveillance of virtual currencies for signs of manipulation; and enforcement of Federal regulations against persons involved in any such manipulation.Apart from that, the other Bill that was introduced in the Congress was ‘U.S. Virtual Currency Market and Regulatory Competitiveness Act of 2019.’ In layman terms, the Congress said, “Virtual currency could have a significant effect on the economy, and regulation of virtual currency may be important to protect investors, deter bad actors, create market certainty, and ensure American competitiveness in an evolving global marketplace.”The regulatory bodies, mentioned above would have to provide a brief description, on the regulation of the United States virtual currency industry, as a comparative study of the regulation of such industry in foreign countries, to demonstrate competitiveness in a global marketplace; and the potential benefits of virtual currency and blockchain technology in the United States commodities market.In December, two bills related to cryptocurrencies were slated to be introduced. However at the time, those two bills were purportedly related to Initial Coin Offerings. The news was broken by CNBC reporter Kate Rooney, and according to her report the bills suggest the regulation of space to be divided between two different agencies. They suggest that cryptocurrencies like Bitcoin and Ethereum should be regulated by the Commodities and Futures Trading Commission (CFTC) while all other tokens should be regulated by the Securities and Exchange Commission (SEC).Liked what you read? Join us on Telegram

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