Two crypto-aware congressman introduced two new pieces of federal blockchain legislation. Both address matters that could hamstring the blockchain industry.
Winter 2019 Proposed Federal Cryptocurrency Laws: The Basics
Sponsors: Darren Soto and Warren Davidson
Bills: The first proposal is called the Virtual Currency Consumer Protection Act of 2019 (H.R. 922). Sponsors dubbed the second proposal the US Virtual Currency Market Regulatory Competitiveness Act of 2019.
What would the bills do?: Both bills are, essentially, study requests. The first calls for a report outlining the potential for crypto price manipulation and the resulting market impact. The second bill also commissions a report, but on “comparative studies on existing United States and global legislation, evaluation of the benefits of digital currency as well as blockchain technology to the US commodities market, legislative proposals, recommendations, etc.”
Next Steps: Officials are a long way off from passing these bills. They’ve just recently been introduced and now must be reviewed by the appropriate subcommittees. Once it gets the green light there, it will then move on to the full Congress for a wider review.
Likelihood of Passing: These two blockchain bills will likely sale through without much of a problem. After all, they’re basically fact finding missions to better position the United States in the blockchain and cryptocurrency ecosystems.
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