WASHINGTON—Two U.S. Congressmen have introduced bipartisan bills to prevent crypto price manipulation and boost acceptance of the technology.
Representatives Darren Soto (D-FL) and Ted Budd (R-NC) jointly announced that their two bills – “The Virtual Currency Consumer Protection Act of 2018” and the “U.S. Virtual Currency Market and Regulatory Competitiveness Act of 2018” – are ultimately aimed at making the U.S. a “leader in the cryptocurrency industry.”
The bills essentially ask the Commodity Futures Trading Commission (CFTC) and other U.S. financial regulators to come up with a roadmap to better regulate cryptocurrencies in order to protect individuals and businesses, CoinDesk reported.
The first bill seeks research on how crypto price manipulation takes place, its impact on investors, and how to prevent such activities through regulatory changes, and in turn, protects investors.
Would Require Research
The second bill asks regulators to carry out research on crypto regulations in jurisdictions across the globe and recommend any legislative changes to promote the growth of adoption of cryptocurrencies in the U.S., CoinDesk said.
“For instance, it asks the regulators to clarify the virtual currencies that qualify as commodities and suggest a new, optional regulatory structure for crypto exchanges that includes federal licensing, market supervision and consumer protection,” CoinDesk said.
In the joint statement, Soto and Budd said that “Virtual currencies and the underlying blockchain technology has a profound potential to be a driver of economic growth.”