The proposals come in the wake of dissatisfaction within and beyond the industry with current regulatory practices.
The bills, dubbed -ldquo;The Virtual Currency Consumer Protection Act of 2018-rdquo; and -ldquo;The U.S. Virtual Currency Market and Regulatory Competitiveness Act of 2018-rdquo; will go before the House of Representatives having been compiled in mid-November.
A bipartisan effort, their authors, congressmen Darren Soto and Ted Budd, said they wish to -ldquo;provide data on how Congress can best mitigate these risks while propelling development that benefits our economy.-rdquo;
-ldquo;Virtual currencies and the underlying blockchain technology has a profound potential to be a driver of economic growth,-rdquo; they said in a joint statement.
-ldquo;That-rsquo;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.-rdquo;
The plans come as the U.S. sees continued growing pains in its journey to regulate cryptocurrency markets.
As Cointelegraph reported Friday, a new academic report has highlighted -ldquo;overlapping-rdquo; jurisdiction of agencies as contributing to the U.S.-rsquo; lack of appeal for industry businesses and consumers alike.
Soto and Budd correspondingly seek to broaden the basis for domestic regulation by looking beyond borders, their second bill advocating a -ldquo;comparative study of the regulation of virtual currency in other countries-rdquo; in order to -ldquo;make recommendations for regulatory changes to promote competitiveness.-rdquo;