Bipartisan congressmen introduce two bills to protect consumers from cryptocurrency price manipulation

Congressman Darren Soto (D) along with Ted Budd (R) introduced two bills Thursday to help prevent cryptocurrency price manipulation and position the United States to be a leader in the cryptocurrency industry.

Congressmen Soto and Budd issued a joint statement: "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, while also promoting an environment of innovation to maximize the potential of these technological advances. This bill will provide data on how Congress can best mitigate these risks while propelling development that benefits our economy."

One bill will make recommendations for regulatory changes that can improve the CFTC’s monitoring procedures in preventing price manipulation. The other bill will make recommendations for regulatory changes to promote competitiveness of the U.S. by providing regulatory clarity and examining alternatives for current burdensome regulations that may inhibit innovation. (Source: House of Representatives)