Concern about possible price manipulation of Bitcoin, Washington, D. C. reached
Home News concern over possible price manipulation of Bitcoin reached Washington, D. C.
Marcus Misiak –
The Congressman Darren Soto, and Ted Budd have put laws on the way to private to protect investors against market manipulation, and ensure that the United States will be one of the leading countries in the crypto currency industry.
The Congressman Darren Soto, and Ted Budd have proposed two laws to prevent the Manipulation of the prices of crypto currencies and to position the United States as a leader in the crypto currency industry. The Virtual Currency Consumer Protection Act of 2018, and the U.S. Virtual-Currency Market and Regulatory Competitiveness Act of 2018 will analyze what can be done by the US government to protect consumers from price manipulation and to ensure that America is a world-leading country. Soto and Budd have published the following joint statement:
Crypto-currencies and the underlying Blockchain technology have great potential to be a driver for economic growth. Therefore, we need to ensure that the United States in the protection of consumers and the financial well-being of the investors of virtual currencies at the forefront and at the same time an environment for creating innovations in order to maximize the potential of these technological advances. This bill will provide data about how the Congress can mitigate these risks to the best, while he is driving development forward, for our economy.
The two laws to the Commodity Futures Trading Commission (CFTC) and other financial Supervisory authorities, recommendations for the improvement of the regulatory environment both for the consumer and for the business development side, especially in view of the concerns that Bots could manipulate the price of Bitcoin.
The Virtual Currency Consumer Protection Act instructs the CFTC to describe aspects, such as price manipulation in virtual markets could take place, and then make recommendations for regulatory Changes, which can improve the monitoring procedures of the CFTC to prevent price manipulation.
It is to be carried out a comparative study of the regulation of crypto-currency in other countries, and then recommendations for regulatory Changes, to promote U.S. competitiveness by ensuring clarity in the regulation and Alternatives to the current onerous rules checks, the innovations can hinder.