Darren Soto’s Virtual Currency Consumer Protection Act Gains Traction in the House

U.S. Rep. Darren Soto, D-Fla., was happy to see his proposal “to monitor virtual currencies, including Bitcoin, for fraud and manipulation” included in a major appropriations bill this week.

At the start of the year, Soto introduced the “Virtual Currency Consumer Protection Act” which, he said, “will analyze what can be done to protect consumers from price manipulation and ensure America remains a global leader in fostering innovation in this evolving global marketplace.”Two Republican congressmen–U.S. Reps. Ted Budd of North Carolina and Warren Davidson of Ohio–co-sponsored Soto’s bill.

Soto’s office made the case for why the bill was needed.

“The Virtual Currency Consumer Protection Act directs the CFTC to describe aspects of how price manipulation could happen in virtual markets and then to make recommendations for regulatory changes that can improve the CFTC’s monitoring procedures in preventing price manipulation,” Soto’s office noted.

This week, Soto was happy to see his proposal brought into the Agriculture Appropriations bill which includes a provision having the Commodities and Futures Trading Commission (CFTC)  “prepare a report for Congress on how to better protect virtual currency investors and promote American competitiveness.”

“We continue to take bipartisan action in Congress to advance Blockchain technology,” Soto said on Thursday. “These innovative financial technologies have the profound potential to benefit society and be a driver of economic growth. It is crucial we continue to be informed on new initiatives and educate Congress and other government agencies on the impact of these emerging virtual currencies.”

U.S. Rep. Bonnie Watson Coleman, D-NJ, was instrumental in getting Solo’s proposal rolled into the Agriculture Appropriations.

“Virtual currency, and the blockchain technology that makes it possible, are a new economic frontier, and American investors can’t afford to be left behind or exploited by this burgeoning industry,” Watson Coleman said. “We need to identify strategies to protect American interests in this space and ensure we can continue to compete. This provision will help us do that, and I’m pleased to see it’s inclusion in this bill.

 

Reach Kevin Derby at kevin.derby@floridadaily.com 

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