US Congressmen Introduce Two Bills to Prevent Crypto Price Manipulation
Two lawmakers from Florida and North Carolina have announced bipartisan legislation to prevent manipulation of cryptographic prices.
Darren Soto (Democrat) and Ted Byrd (Republican Party), the "Virtual Currency Market and Regulatory Competitiveness Act of 2018," will ultimately lead the United States to the cryptocurrency industry It is for making.
The bill requires the Commodity Futures Trading Commission (CFTC) and other US financial regulators to provide a roadmap for better regulation of Crypto currency to protect individuals and businesses.
The first measure seeks to research investors by exploring how password pricing is done, how it affects investors, and how to prevent such activity through regulatory changes.
New York Attorney General released a report on the cryptocurrency trading platform in early September, and found that many were vulnerable to market manipulation. "The industry has not yet implemented a serious market surveillance capability similar to traditional trading locations to detect and punish suspicious trading activity," the report said at the time.
The US Department of Justice is recently investigating cryptographic market manipulation, which is most recently known to focus on whether Bitfinex exchange and Tether Ltd. have used tether stable coin to support the price of bit coin.
The second measure encourages regulatory agencies to conduct research on cryptographic regulations in jurisdictions around the world and to change legislation to promote the growth of Crypto currency adoption in the United States.
For example, the regulator requests clarification of eligible virtual currency as a commodity and proposes a new, selective regulatory structure for password exchange involving federal licensing, market supervision and consumer protection.
In a joint statement, Soto and Budd said, "Virtual currency and basic block chain technology have the potential to become the driving force of economic growth."
That is why we must ensure that the United States is at the forefront of consumer protection and financial welfare for virtual currency investors and create an innovation environment to maximize the potential of these technological advances. The bill will provide data on how Congress can best mitigate these risks while driving development that benefits our economy. "
Steve Stockman, of Texas, has been pushing bills on encryption and block chains since early 2014, when legislation was being introduced to levy tax on coins on behalf of property.
Most recently, bipartisan legislation was introduced in October that proposes a "blockchain definition based on consensus." In September, lawmakers released three bills on block chain development, miners' status and decryption-related taxes.
Also in September, lawmakers including Byrd and Soto's lawmakers asked the SEC's chairman, Jay Clayton, to clarify when the initial coin offering (ICO) was considered a sale of securities.
US House Images through Shutterstock
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