U.S Congressmen Propose Two Bills Aimed at Protecting Retail Investors From Market Manipulation
Crypto regulations and adoption within the United State of America is about to take a turn for good. Recently, two United States congressmen—Darren Soto and Ted Budd have proposed two new legislation. The legislation will help the crypto industry fight against price manipulation, which reportedly plagues the industry at the moment. Importantly, the bills will not only help to cap illicit activities in the crypto market. As a result of these two bills, the digital asset industry within the country will progress significantly.
The two proposed bill are:
- The Regulatory Competitiveness Act of 2018.
- Virtual Currency Consumer Protection Act of 2018.
These two bills define the role of the U.S. financial watchdogs when it comes to developing and protecting retail investors from the menace of price manipulation.
Mr Ted Budd and Darren Soto, in their joint statement, did not fail to note the immerse potential digital asset entails. According to them, Distributed Ledger Technology (DLT) will facilitate the growth of the economy. Furthermore, they both believe that Virtual currency will “ensure that the United States is at the forefront of protecting consumers and the financial well-being of virtual currency investors, while also promoting an environment of innovation to maximize the potential of these technological advances.”
These bills are coming in the wake of a recent report from the New York Attorney General. The AG’s report made it known that crypto exchanges are prone to manipulation.
According to the content of the VCCP Act of 2018, the CFTC will is directed to describe possible way through price manipulation could happen in the digital asset market.
Secondly, the CFTC is to make recommendations to curb price manipulation.
In conclusion, the (VCMRC) ACT of 2018 will keep the U.S ahead when it comes to blockchain technology.
