US Congressmen presented two regular bills aimed at regulating the cryptocurrency industry in the country. This writes Bitcoinist .

The first draft law “On the protection of the rights of consumers of virtual currencies” is aimed at countering price manipulation.

If adopted, the Derivative Exchange Trading Commission (CFTC) will need to prepare a report describing possibilities for manipulating prices in virtual currency, including specific methods, vulnerable digital asset classes and potential risks to investors.

It is noteworthy that “virtual currency” is defined in the document as “a digital representation of value that does not have the status of a legal means of payment and functions as a medium of exchange, a calculated monetary unit or a means of preserving value”.

The second draft law, On the Market of Virtual Currency and Regulatory Competitiveness, will also be based on a comparative study of local and international cryptocurrency laws from the CFTC and SEC, as well as their assessment of the advantages of cryptocurrencies and blockchain technology for the US product market.

In addition, the document will require the development of new regulation for cryptocurrency exchanges, including consumer protection, federal licensing and market surveillance.

Recall that in December 2018, US congressmen proposed to develop a roadmap to regulate cryptocurrency and protect investors.

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