Congressmen from Florida and North Carolina direct the CFTC to increase control over virtual assets market to protect investor and business interest.
A bipartisan bill to prevent virtual currency price manipulation and position the United States to become a leader in the cryptocurrency industry was introduced by congressmen Darren Soto, democrat from Florida, and Ted Budd, republican from North Carolina.
The two pieces of legislation, the Virtual Currency Consumer Protection Act and the U.S. Virtual Currency Market and Regulatory Competitiveness Act of 2018, direct the U.S. Commodity Futures Trading Commission (CFTC) to explore price manipulation in virtual markets, make recommendations for improving regulatory changes and conduct comparative studies of virtual currency regulation in other countries to apply them in the US to spur technological competitiveness.
Congressmen laid out a new direction of industry development, that will benefit the economy. This way the U.S. will take on a leading role in a growing and prospective sphere.
In a joint statement the lawmakers said the following: “Virtual currencies and the underlying blockchain technology has a profound potential to be a driver of economic growth. That’s why we must ensure that the United States is at the forefront of protecting consumers and the financial well-being of virtual currency investors, while also promoting an environment of innovation to maximize the potential of these technological advances. This bill will provide data on how Congress can best mitigate these risks while propelling development that benefits our economy.”