US Congressman Darren Soto, an advocate for cryptocurrencies, has introduced two bipartisan bills on the 25th to the Commodity Futures Trading Commission (CFTC) that called for market research to bring clarity to the crypto ecosystem.
The two bills, the Virtual Currency Consumer Protection Act of 2021 and the U.S. Virtual Currency Market and Regulatory Competitiveness Act of 2021, have critically focused on protecting consumer rights and preventing virtual currency price manipulation.
The bills were co-sponsored by Reps. Ted Budd (R-NC), Ro Khanna (D-CA), and Warren Davidson (R-OH). All the above representatives are members of the Blockchain Caucus, an alliance of lawmakers focused on crypto issues.
In a press release issued by Soto, the rep. remarked:
“Virtual currencies and the underlying blockchain technology have 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.
These bills will provide data on how Congress can best mitigate these risks while propelling development that benefits our economy.”
Of the two bills, the Virtual Currency Consumer Protection Act of 2021 requested the CFTC to discuss the market manipulation in the crypto market as well as introduce new recommendations for regulatory changes on the same.
On the other hand, The U.S. Virtual Currency Market and Regulatory Competitiveness Act of 2021, called for a comparative study comparing the regulation of virtual currencies around the world. It also asked the CFTC to make further recommendations to bolster regulatory clarity in the US.
According to the announcement, this was the third time the bills were submitted to Congress, where they previously passed the “appropriations process”.