US congressmen have launched two new bills to deal with the manipulation of cryptocurrency value and boost acceptance of the digital assets in the country.
Recently, two congress representatives, Darren Soto and Warren Davidson have jointly launched their two bills: bill H.R. 922 and bill H.R. 923 related to Blockchain payments to regulate the industry.
BILL H.R. 922 – Addressing price manipulation of virtual currency:
The first one known as BILL H.R. 922 – virtual currency consumer protection act of 2019 is aimed to promote fair trade and transparent virtual currency market. This is done by properly examining and addressing the potential of price manipulation.
As per the billing document, the chairman of the community Future Trading Commission (CFTC) and other financial regulators had to submit a report that seeks the detailed study of virtual currency. It should include information on how cryptocurrency price manipulation can be addressed, combined with the strategies for handling, susceptible class, it’s possible effects on investors and much more.
The document further defines virtual currency as a “digital representation of value that does not have legal tenders status and that functions as a medium of exchange, a unit of account, or a store of value” .
BILL H.R. 923 – Boosting competitiveness in the industry:
The second bill called BILL H.R. 923 – U.S. virtual currency market and regulatory competitiveness act of 2019 is launched to promote the U.S. competitiveness for making it a global leader in the cryptocurrency industry.
The bill once passed in the assembly will require a report from CFTC chairman, with the consultation from SEC officials and other federal agencies, detailing the necessary information to support the country’s competitiveness in the cryptocurrency landscape.
The bill also asks regulators to carry out necessary research into various jurisdictions around the world and recommend the necessary changes to frame out new regulation, in a way that they can boost the adoption of cryptocurrency in the mainstream.
However, it must be noted that there is a long way off for the bills to become law and being applicable in cryptocurrency space.
How do you think these new bills, if passed can effect cryptocurrency space? Write your views in the comment box below.