US Crypto Bills Seek Increasing Investor Protection and Maintaining Competitiveness

[ChainDD report] December 7 (ChainDD) Bipartisan members of the U.S. House plans to propose two cryptocurrency related bills to prevent frauds, protect consumers, and ensure U.S. not fall behind in terms of digital assets and become leader of this field.

The first bill, Virtual Currency Consumer Protection Act, directs derivatives regulator Commodity Futures Trading Commission (CFTC) formulate a report to investigate potential price manipulation of cryptocurrencies and its effect on economy.

The second bill, the U.S. Virtual Currency Market and Regulatory Competitiveness Act of 2018, aims to make sure U.S. maintain competitive in the industry. It asks CFTC to conduct a comparative study of overseas cryptocurrency regulation, and recommend how to change regulation in U.S. it also calls on alternatives to the current regulation burden that could hold back innovation.

CNBC noted that these two bills all fail to offer specific solutions to reach their goals, instead, want CFTC’s recommendation.

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