2 U.S. Congressmen have introduced bipartisan bills to stop crypto cost manipulation and enhance endorsement of their technician.
Agents Darren Soto (Democrat) and Ted Budd (Republican) together declared Thursday their two bills “The Virtual Currency Consumer Protection Act of 2018″ along with also the”U.S. Virtual Currency Market and Regulatory Competitiveness Act of 2018″ — are finally targeted at creating the U.S. a”pioneer at the cryptocurrency market.”
The invoices essentially request the Commodity Futures Trading Commission (CFTC) and other U.S. financial regulators to think of a roadmap to better govern cryptocurrencies so as to protect people and companies.
The first invoice seeks study on how crypto cost manipulation occurs, its effects on investors, and also the way to stop such actions through regulatory changes, and subsequently, protect investors.
“The market has to implement considerable market surveillance abilities, akin to those of standard trading places, to find and punish questionable trading activity,” the report said at the moment.
The second invoice asks authorities to perform analysis on crypto regulations in jurisdictions throughout the planet and recommend any legislative changes to foster the increase of adoption of cryptocurrencies from the U.S.
For example, it requests the authorities to explain the digital monies which qualify as products and indicate that a new, discretionary regulatory arrangement for crypto markets which includes national licensing, market oversight and consumer protection.
In the joint statement, Soto and Budd reported that”Virtual monies and the inherent blockchain technology has a deep potential to be a catalyst of economic growth”
They continued:
That is the reason why we have to guarantee that the USA is in the forefront of protecting customers as well as the fiscal well-being of digital money investors, while also encouraging an environment of innovation to maximize the capacity of the technological improvements. This bill provides information on how Congress can mitigate these dangers while propelling growth that benefits our market.”
Many U.S. Agents have been compelling for crypto and blockchain related statements as as early as 2014, when Congressman Steve Stockman of Texas was intending to present an act which could tax bitcoins as money rather than property.
In September, lawmakers declared three invoices, addressing blockchain growth, miners’ standing and cryptocurrency-related taxes.
Also in September, several lawmakers, such as congressman Budd and Soto, requested Securities and Exchange Commission (SEC) chairman Jay Clayton to describe if first coin offerings (ICOs) are considered revenue of securities.