US Authorities To Consider Bill On Price Fraud At Crypto Exchanges
The US Congress published on the official website two draft laws concerning the regulation of the cryptocurrency sphere within the state.
The document entitled “Virtual Currency Consumer Protection Act” describes preventive measures against fraud with cryptocurrency prices. If this project is approved, the CFTC will be obliged to provide a report with the results of the possible price fraud mechanisms monitoring, which will reveal particularly vulnerable types of digital assets and risk zones for depositors.
This document contains the definition of virtual currencies, describing these assets as a digital indication of cost, which is not subject to the legal provisions on payment instruments and acts as a method of exchange, a monetary unit for payments or a tool for preserving value.
The draft law called “US Virtual Currency Market and Regulatory Competitiveness Act” requires the provision of an analytical report from the SEC and CFTC on comparative monitoring of cryptocurrency regulations at the local and international levels. Besides, researchers will have to provide an assessment of the capabilities of digital assets and distributed ledger technology in the country's trade markets. The project also implies the development of new regulations for crypto exchanges aimed at customer security, issuing licenses by federal authorities, and monitoring the market.
As previously reported, the SEC postponed the date of the decision on applications from two crypto projects for issuing Bitcoin derivatives (ETF).