The US Congress, with the consultation of the CFTC, raised two anti-crypto-currency invoices to the US Parliament, which asked the CFTC to produce reports to inform MPs about crypto. Invoices aim to promote the adoption of crypto currencies, to create a more competitive regulation, to develop laws for crypto exchanges and to prevent price manipulation.

Crypto Currency Bills presented to the House of Representatives

On January 30, 2019, the US House of Representatives received two invoices: the US Virtual Money Market and the 2019 Regulatory Competitiveness Act and the 2019 Virtual Currency Consumer Protection Act.

Both invoices will force the Commodity Futures Trade Commission (CFTC) chairman - in consultation with the chairman of the Securities Exchange Commission (SEC) - to submit a report to the various Congress committees, including those responsible for banking, with recommendations and policy prescriptions for the crypto currency.

Ultimately, these Congress committees will provide specific guidance to the Congress to produce better and more informed legislation.

According to invoices

”The virtual currency can have a significant impact on the economy, and their regulation can be important to protect investors, deter bad players, establish market certainty and provide American competitiveness“

said.

Virtual Money Market and Regulatory Competition Act

The first draft, if passed, would require the CFTC to prepare a report to encourage adoption and growth of virtual currencies, while making recommendations to make US encryption currency regulations more competitive internationally.

In addition, the draft requires the CFTC to clarify which crypto currencies are considered commodities and therefore are not securities, and to clarify the definitions around this category.

Finally, the initial draft requires guidance on building a better regulatory structure for crypto currency exchanges, including Federal licenses, market control and consumer protection.

These rules will potentially take precedence over the State money transmission license and, if so, will enable the crypto exchanges to operate more easily throughout the United States.

Prevent Market Manipulation

The second draft requires the CFTC to produce a similar report on the methods of benzer encouraging fair and transparent virtual money markets by examining the potential for price manipulation İkinci.

The bill contains information on the methods used to change the price of crypto currencies, where the crypts are prone to be manipulated, and information about the potential effects on investors when price manipulation occurs.

The bill also requires information from the CFTC on il market surveillance of virtual currencies for signs of manipulation “and işaret implementation of the Federal regulation against persons involved in such manipulation Tas.

Congress People Behind Invoices

Both bills are a bilateral effort initiated by three congress members. Democrat Darren Soto (FL) and Republicans Ted Budd (NC) and Warren Davidson (OH).

Davidson and Soto also introduced a previously crypto law, such as the ğ Token Taxonomy Act “, which would explain how crypto currencies previously fit into the SEC's regulatory framework.

The SEC's President Generally Announces Securities Transactions Around Bitcoin, Ethereum and Cryptocurrency, meanwhile, Democrat Bonnie Watson Coleman (NJ) is concerned only with the entry into force of the Consumer Protection Act, while Republican Tom Emmer (MN) is only interested in the Regulatory Competitiveness Act.

In general, these invoices aim to gather information and advice from the CTF, SEC and other regulatory agencies on the best ways to deal with the regulation of crypto currency. In addition, the text of these invoices shows that this Congress Member group wants to change the laws in order to encourage growth in the sector while protecting investors.

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