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Two members of the United States Congress have introduced bipartisan invoices to prevent encrypted price manipulation and increase acceptance of technology.
Representatives Darren Soto (Democrat) and Ted Budd (Republican) jointly announced that their two bills – "The Virtual Currency Consumer Protection Act of 2018" and "US The Virtual Currency Market Act and the Competition Regulation of the 2018 "- are ultimately aimed at making the United States a" leader in the cryptocurrency sector ".
In essence, invoices require the Commodity Futures Trading Commission (CFTC) and other US financial regulators to draw up a roadmap to better regulate cryptocurrencies in order to protect individuals and businesses.
The first account seeks a search on how the price is encrypted, its impact on investors and how to prevent such activities through regulatory changes and, in turn, protect investors.
At the beginning of September, the New York Attorney General's office released a report on cryptocurrency trading platforms, which finds that many are vulnerable to market manipulation (although several credit cards have rejected the request at the time). "The industry has not yet implemented serious market surveillance capabilities, similar to those of traditional trading venues, to detect and punish suspicious businesses," said the report at the time.
The US Department of Justice is also examining the manipulation of the crypto-market, according to reports recently that it focused on the fact that the exchange of Bitfinex and Tether Ltd. have supported the price of bitcoin using cable stablecoin.
The second account asks regulators to research cryptographic regulations in jurisdictions around the world and to recommend any legislative changes to promote the growth of cryptocurrency in the United States.
For example, it calls on regulators to clarify virtual currencies qualifying as raw materials and suggests a new voluntary cryptographic exchange framework that includes federal licenses, market surveillance and consumer protection.
In the joint statement, Soto and Budd stated that "virtual currencies and the underlying blockchain technology have a profound potential to be a driver of economic growth".
They continued:
That is why we must ensure that the United States is at the forefront of protecting consumers and the financial well-being of virtual money investors, while promoting an innovation environment to maximize the potential of these technological advances. This bill will provide data on how Congress can better mitigate these risks while at the same time promoting development that benefits our economy. "
Several US representatives have been pushing for cryptocurrency and blockchain bills since 2014, when Congressman Steve Stockman of Texas was planning to introduce an act that would have taxed bitcoins as currency rather than property.
More recently, a bipartisan bill was introduced which proposed creating a "consensus-based definition of blockchain" in October. While in September, lawmakers announced three draft laws concerning the development of blockchain, the status of miners and taxes related to cryptocurrency.
Also in September, a group of parliamentarians, including Congressman Budd and Soto, asked the president of the Securities and Exchange Commission (SEC) Jay Clayton to clarify when the first offers of coins (ICO) are considered sales of securities.
United States House of Representatives image via Shutterstock
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