US Congressmen Prepare Draft Laws On Crypto Sphere
Darren Soto and Ted Budd, members of the lower house of the US parliament, initiated two federal regulatory acts to prevent the manipulation of crypto prices and develop the sphere in general, according to the press release.
The first bill protects the rights of crypto consumers. It aims to clarify issues related to the manipulation of crypto prices and their impact on investors. It also considers ways to prevent such activities by increasing the attention of regulators.
The issue of price manipulation on the crypto market is handled by the US Department of Justice, which has recently been monitoring the work of Bitfinex and Tether. The ministry is trying to find out whether bitcoin value has been affected by the use of the USDT token. In September 2018, the Office of the Attorney General of the country presented a report on the work of crypto exchanges, in which it was said that many of them could manipulate the market.
The second bill requires regulatory organizations to study the normative documents of various states regarding the crypto sphere and use the best experience and practice of applying these norms and rules for the development of the American crypto industry.
In particular, US regulators have to determine whether cryptocurrency can be considered a commodity and also propose a new structure for supervising the operation of crypto exchanges, including licensing at the federal level.
The United States should take the lead in protecting consumers’ rights and ensuring the financial well-being of crypto investors, according to the joint statement of the congressmen.