Two legislators in the US Congress, Darren Soto and Ted Budd, have introduced two bills to help prevent the manipulation of cryptocurrency prices and place the United States as a leader in the development of the cryptocurrency industry.
The Virtual Currency Consumer Protection Act of 2018 and the U.S. Virtual Currency Market and Regulatory Competitiveness Act of 2018, will analyze what can be done to protect consumers from price manipulation and to ensure America remains a global leader in fostering innovation in this evolving global marketplace.
The first bill seeks research on how crypto price manipulation takes place, its impact on investors, and how to prevent such activities through regulatory changes, and in turn, protect investors.
The second bill asks regulators to carry out research on crypto regulations in jurisdictions across the globe and recommend any legislative changes to promote the growth of adoption of cryptocurrencies in the United States.
The bills essentially ask the Commodity Futures Trading Commission (CFTC) and other U.S. financial regulators to come up with a roadmap to better regulate cryptocurrencies in order to protect individuals and businesses.