Cryptocurrency: how is the U.S. government regulating the market?
Poor regulation in the cryptocurrency market has given rise to price manipulation, leaving the regulators in detriment. Today, SEC and CFTC are playing catch-up to the growing industry and its associated risks. However, active supporters of the advanced science are forerunning initiatives to safely regulate the market. Capitol Hill is amongst the list of supporters.
On December 6th two bills focused on combating the manipulation of crypto prices were presented to the U.S caucus. According Invest in Blockchain, the two bills were drafted by Darren Soto and Ted Budd. These congressmen named the bills “Virtual Currency Consumer Protection Act” and “U.S. Virtual Currency Market and Regulation Competitiveness Act of 2018.
These bills require the participation of regulators rather than consumers and businesses. For instance, the “Virtual Currency Consumer Protection Act” asks regulators to explore why crypto price manipulation is a problem today and propose preventative metrics, while the “U.S. Virtual Currency Market and Regulation Competitiveness Act of 2018” asks regulators to study how other regulatory bodies are governing cryptocurrency.
Soto and Budd hope these bills will lead to effective and efficient crypto regulation.