Two new cryptocurrency bills from US Congress aim to create competitive regulation and prevent market manipulation

Two pro-cryptocurrency bills were introduced to the US House requesting the CFTC, in consultation with the SEC, produce reports to inform lawmakers about crypto.

The bills aim to gather information on how to encourage adoption of cryptocurrencies, create more competitive regulation, improve laws for crypto exchanges, and prevent price manipulation.

Both bills would compel the chairman of the Commodity Futures Trading Commission- in consultation with the Securities Exchange Commission chairman-to submit a report with recommendations and policy prescriptions around cryptocurrency to several Congressional committees, including those responsible for banking and financial services.

"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," according to the bills.

The first bill, if passed, would require the CFTC to produce a report providing recommendations on making US cryptocurrency regulations more competitive internationally while encouraging the adoption and the growth of virtual currencies.

Lastly, the first bill asks for guidance on creating a better regulatory structure for cryptocurrency exchanges, including Federal licenses, market supervision, and consumer protection.

The bill requests information including explanations on methods used to manipulate the price of cryptocurrencies, which cryptos are susceptible to being manipulated, and the potential impact on investors if price manipulation occurs.

The bill also requests information on the extent to which the CFTC can conduct "Market surveillance of virtual currencies for signs of manipulation" and the "Enforcement of Federal regulation against persons involved in any such manipulation."

Overall, these bills aim to gather information and recommendations from the CTF, SEC, and other regulatory bodies on the best ways to tackle cryptocurrency regulation.

The text of these bills suggests that this group of Congresspeople is looking to change legislation to promote growth in the industry while protecting investors.