The US House of Representatives was introduced to two bills that were pro-cryptocurrency that emphasized the need for collecting the necessary data to create active regulations. These bills were proposed in an effort to make improvements to the existing regulations surrounding digital currency exchanges, promote the adoption of this technology and avoid manipulation of rates.
These two bills, that were proposed with the intent to consolidate existing legislature surrounding crypto space in the US, request the SEC along with the Commodity Futures Trading Commission to make reports, proposing policy and making recommendations regarding digital assets to congressional committees. They are expected to provide guidelines to the Congress that it needs for producing transparent and concise laws, encompassing growth and advancement in the crypto space.
According to the 1st bill (H.R. 922), the cryptocurrency has been acknowledged to have the potential to affect the global economy, and regulations are necessary to avoid fraud, strengthen market security, ensure competitiveness and provide protection and security to the investors.
This bill calls for generating a report on methods of encouraging the development of fair digital currency space by monitoring the potential to manipulation of rates.
The 2nd bill (H.R. 923), ask the CFTC to create a similar report, providing recommendations for the adoption of cryptocurrencies and establishing competitive international digital currency regulations to Congress.
This bill also requires the CFTC to layout a clear description of the digital currencies that can be considered commodities. It also calls for a framework for developing an improved cryptocurrency regulatory structure.