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Two new bills focused on the manipulation of the cryptocurrency market aim to "position the United States as a leader in the cryptocurrency sector," their sponsors said on 6 December.
The invoices, called "The Virtual Currency Consumer Protection Act 2018" and "The US Virtual Currency Market and Regulatory Competitiveness Act 2018" will be submitted to the House of Representatives in mid-November.
A bipartisan effort, their authors, Congressmen Darren Soto and Ted Budd, said they wanted to "provide data on how Congress can best mitigate these risks while promoting development that benefits our economy."
"Virtual currencies and underlying blockchain technology have a profound potential to be a driver of economic growth," they said in a joint statement.
"This is why we need to 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."
Plans are coming as the United States continues to suffer from its growing commitment to regulating cryptocurrency markets.
As reported on Friday, Cointelegraph, a new academic report highlighted the "overlap" of the jurisdiction of the agencies as a contribution to the lack of US appeal for businesses in the sector and for consumers.
In particular, cryptocurrency exchanges have taken specific actions to protect themselves from exposure by establishing offshore operations.
Soto and Budd try to broaden the bases for internal regulation by looking beyond the borders, their second bill supports a "comparative study of the regulation of virtual currency in other countries" in order to "make recommendations for regulatory changes to promote competitiveness".
Wall Street has already focused on controlling market manipulation, while the Nasdaq in October, claiming its financial instruments could help mitigate the practice.
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