Two new bills ‘outlining‘ the crypto market manipulation aim to “position the U.S. to be a pace-setter within the cryptocurrency ecosystem.” The new bills named, “The Virtual Currency Consumer Protection Act of 2018” and “The United Stated Virtual Currency Market and Regulative Competitiveness Act of 2018” would go before the House of Representatives having been compiled in period of time [around Mid-December this year].
A bipartizan effort, their authors, congressmen Darren Soto along with Ted Budd, stated that they wish ‘provide information on how Congress could best mitigate these risks while propellant development that edges our economy.’
“Digital currencies along with the underlying blockchain technology includes a profound potential to be a driver of economic process,” while stating further in the joint statement, they said:
“That’s why we should make sure that the U.S is at the forefront of protecting customers and also the financial well-being of digital currency investors, whereas conjointly promoting an ecosystem of innovation to maximise the potential of those technological advances.”
The plans come back to the United States as it sees continued growing pains in its journey to control the cryptocurrency markets.
As reported earlier also, the latest academic report has highlighted “overlapping” jurisdiction of agencies as causative to the United States lack of charm for trade businesses and customers alike.
Cryptocurrency exchanges specially have taken specific action to safeguard themselves from exposure by shifting their operations offshore.
Soto and Budd conjointly ask to broaden the idea for domestic regulation, searching beyond the borders, their 2nd bill advocating a “comparative study of the ‘regulation‘ of virtual currency in alternative countries” so as to “make recommendations for restrictive changes to promote aggressiveness.”
The Wall Street has already outlined market manipulation management while Nasdaq, earlier in Oct. this year revealed its latest financial instruments that might facilitate mitigating from the existing ongoing practices.