US lawmakers are exploring new blockchain regulations. US Congress just introduced two new cryptocurrency bills aimed to address price manipulation and boost the country’s competitive edge in the new industry.
Bill H.R. 922 – Handling Price Manipulation
Representatives Darren Soto and Warren Davidson have introduced two new blockchain-related bills on January 30th.
The first one called H.R. 922 – Virtual Currency Consumer Protection Act of 2019, is aimed at tackling the issue of price manipulation.
According to the document, the Chairman of the Commodity Futures Trading Commission (CFTC) will be required to submit a report, which details the potential for virtual currency price manipulation, including methods, susceptible classes, effects and harm to investors, and so forth.
Moreover, the document also puts a definition for the term “virtual currency” as a:
digital representation of value that does not have legal tender status and that functions as a medium of exchange, a unit of account, or a store of…