Thursday, January 23, 2020

US Congress Introduces Two New Pro-Cryptocurrency Bills

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Adedamola Bada
I'm Damola, a computer engineer from Obafemi Awolowo University. A crypto enthusiast, marketer, and writer who is seeking to achieve career excellence through hard work and positive contribution to the organization that aspires for excellence. Contact me on damolabada@gmail.com

The United States Congress has just introduced two new pro-cryptocurrency bills to ensure the US crypto sector stays atop its game above other countries.

Finding Crypto’s Silicon Valley

The Silicon Valley in the United States might be at the heart of all things concerning groundbreaking software and technological developments, but the hub of the crypto sector is sure not in the US. The likes of Microsoft, Google, Facebook, and Amazon are the pick of the cherry in the US’s long list of powerhouses, but there are no such in the crypto space. While the world of cryptocurrencies is decentralized, the US has still not proved itself to be the best environment for budding cryptocurrency startups, and even established ones.

Just recently, some crypto and blockchain startups in the country were fleeing into friendlier states like Malta and Switzerland to escape the uncomfortable advances of United States Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). For an industry that might grow to be the next defining thing by the next half-decade, the US regulatory bodies are already working intensively to make sure regulations are put in place in a way that puts the country at an edge over the others.

The two new bills that have been introduced by the United States Congress are set to address price manipulation while also giving the country a competitive edge over other countries in the cryptocurrency industry. 

Putting a Legal Framework in Place

Much has been said of the immature legal standings on cryptocurrency issues and how a lack of a solid regulatory body is affecting the crypto industry. However, the SEC is intentionally moving towards addressing the problem, and the two new bills introduced by the Congress would go some way in making a solid regulatory framework for the crypto industry a reality.  The two bills introduced by the Congress are BILL H.R. 922 – which handles price manipulation—and BILL H.R. 923 which is supposed to increase the competitive edge of the American crypto industry.

According to the bills, the regulation of the crypto industry would significantly reduce the rate of crypto fraud and scams and also protect investors.   The bills read:

“Virtual currency could have a significant effect on the economy, and regulation of them may be important to protect investors, deter bad actors, create market certainty, and ensure American competitiveness in an evolving global marketplace.”

With US Congresspeople looking to change legislation to promote growth in the industry while protecting investors, the country might just be on its way to leading initiatives in the crypto industry too.

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