THELOGICALINDIAN - US assembly are exploring new blockchain regulations US Congress aloof alien two new cryptocurrency bills aimed to abode amount abetment and addition the countrys aggressive bend in the new industry
Bill H.R. 922 – Handling Price Manipulation
Representatives Darren Soto and Warren Davidson accept alien two new blockchain-related bills on January 30th.
The aboriginal one alleged H.R. 922 – Virtual Currency Consumer Protection Act of 2019, is aimed at arrest the affair of amount manipulation.
According to the document, the Chairman of the Commodity Futures Trading Commission (CFTC) will be appropriate to abide a report, which capacity the abeyant for basic bill amount manipulation, including methods, affected classes, furnishings and abuse to investors, and so forth.
Moreover, the certificate additionally puts a analogue for the appellation “virtual currency” as a:
Bill H.R. 923 – Increasing Competitiveness
The added bill is alleged H.R 923. – U.S. Virtual Currency Market and Regulatory Competitiveness Act of 2019.
If passed, it would crave addition address from the Chairman of the CFTC, in appointment with SEC heads, as able-bodied as added accordant federal agencies accounted necessary, account the agency to advance the country’s competitiveness in the field.
This address would accommodate allusive studies on absolute US and all-embracing legislation, appraisal of the allowances of basic currency, as able-bodied as blockchain technology to the US bolt market, aldermanic proposals, recommendations, and so forth.
H.R. 923 additionally requires the regulators to adduce a new authoritative anatomy for cryptocurrency exchanges, which would accommodate customer protections, federal licensure, and bazaar supervision.
Legislative Continuity
It’s account acquainted that the aloft two bills appear afterwards the addition of the Token Taxonomy Act. As Bitcoinist reported, the bill proposes that cryptocurrencies should be absolved from actuality classified as balance and, hence, balance law will no best administer to them already their projects become absolutely activity networks.
Bill H.R. 922’s analogue for basic currencies carefully follows that proposed in the Token Taxonomy Act, which could announce a abeyant attack on account of Congress to actuate a analogue for the appellation for approaching regulations.
In backward 2018, the SEC’s Chairman, Jay Clayton, said that the abridgement of safeguards, as able-bodied as the “significant accident of manipulation” are about roadblocking a Bitcoin ETF approval. Given that H.R. 922’s primary aim is to analyze methods of arrest issues of the kind, it could facilitate the approval of a Bitcoin ETF.
Of course, it’s additionally important to agenda that there is a continued way for these bills to become acting laws. It would aboriginal accept to canyon subcommittee accomplishments and anesthetized by the House of Representatives. Again it would charge to go through the Senate, and again active by the President.
What do you anticipate of the new proposed bills on cryptocurrencies? Don’t alternate to let us apperceive in the comments below!
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