WASHINGTON—Rep. Darren Soto (D-FL) has introduced the two bills in the House to push the Commodities Futures Trading Commission (CFTC) to create reports to bring more clarity to digital asset markets.
The bills are co-sponsored by Reps. Ted Budd (R-NC), Ro Khanna (D-CA) and Warren Davidson (R-OH). The co-sponsors are all members of the Blockchain Caucus, a coalition of lawmakers focused on digital asset issues.
The Virtual Currency Consumer Protection Act of 2021 directs the CFTC to produce a report specifically on price manipulation in virtual asset markets and include recommendations for regulation that could mitigate any found issues, Bollyinside.com noted.
Rep. Tom Emmer (R-MN) also co-sponsored the first of the two pieces, the so-called U.S. Virtual Currency Market and Regulatory Competitiveness Act of 2021. It directs the CFTC to produce a study comparing the regulation of virtual currencies around the world, and eventually make recommendations to how regulatory structures in the U.S. can promote competition and innovation in the digital asset space.
Bills Aren’t New
This isn’t the first time Congress has seen of the two bills. The bills have been introduced in the past two Congressional sessions and have “had success through the appropriations process,” according to Soto’s announcement, Bollyinside.com noted.