Two Congressmen from the United States have recently introduced two bipartisan bills that have the goal of preventing crypto price manipulation as measures to make the technology more widely accepted in the country.
Darren Soto and Ted Budd have created the bills together and announced them. They will be called “The Virtual Currency Consumer Protection Act of 2018” and the “U.S. Virtual Currency Market and Regulatory Competitiveness Act of 2018”.
The biggest function of these two new bills is to make the United States a leader in the crypto industry by boosting the support that these technologies have in the country. Also, the duo of bills aims to regulate them better to create a safer environment for investments.
Both bills basically are aimed to ask financial institutions like the Commodity Futures Trading Commission (CFTC) to create a roadmap for the regulation of cryptos in the US.
Congressmen Soto and Budd issued a joint statement: “Virtual currencies and the underlying blockchain technology has a profound potential to be a driver of economic growth. That’s why we must ensure that the United States is at the forefront of protecting consumers and the financial well-being of virtual currency investors, while also promoting an environment of innovation to maximize the potential of these technological advances. This bill will provide data on how Congress can best mitigate these risks while propelling development that benefits our economy.”
One bill will make amends for regulatory changes that can improve the CFTC’s monitoring procedures in preventing price manipulation. The other bill will make recommendations by providing regulatory clarity and examining alternatives for current burdensome regulations.
Many US Representatives are now focused on cryptocurrencies. While some of them do not have such a positive view of cryptos, there are still plenty of politicians who support cryptos in the country.
A couple of years back, Congressman Steve Stockman already had plans to tax Bitcoin as currency instead of property and a new bipartisan law was introduced to define the blockchain technology recently.
Also this year, Soto, Budd and other prominent lawmakers talked to the chairman of the Securities and Exchange Commission (SEC), Jay Clayton. They asked him to clarify whether Initial Coin Offerings (ICOs) can be considered as sales of securities or not, something that the chairman kept silent at the time as the whole question is very confusing right now.
We must feel blessed that such regulations are slowly taking over digital coins. When once rules are fully in place right across the world, we will witness marked progress.