Two US congressmen have introduced two pieces of legislation designed to prevent the manipulation of cryptocurrency prices as well as ensuring the US becomes a leader in the crypto sphere.
Democratic Representative Darren Soto of Florida and Republican Representative Ted Budd of North Carolina have introduced The Virtual Currency Consumer Protection Act of 2018 and the U.S. Virtual Currency Market and Regulatory Competitiveness Act of 2018. The bills are designed to protect retail investors from price manipulation while also positioning the US at the forefront of the developing industry.
In a joint statement released on December 6, the two congressmen emphasized the “profound potential” of cryptocurrencies and blockchain in their ability to drive economic growth.
“Virtual currencies and the underlying blockchain technology has a profound potential to be a driver of economic growth. That’s why we must ensure that the United States is at the forefront of protecting consumers and the financial well-being of virtual currency investors,” the congressmen stated.
The two further stated that their legislation will ensure an “environment of innovation to maximize the potential of these technological advancements.”