Two New Blockchain Bills Land In The Hopper

image to accompany post about two new cryptocurrency bills introduced into congressTwo crypto-aware congressman introduced two new pieces of federal blockchain legislation. Both address matters that could hamstring the blockchain industry.

Winter 2019 Proposed Federal Cryptocurrency Laws: The Basics

Sponsors: Darren Soto and Warren Davidson

Bills: The first proposal is called the Virtual Currency Consumer Protection Act of 2019 (H.R. 922). Sponsors dubbed the second proposal the US Virtual Currency Market Regulatory Competitiveness Act of 2019.

What would the bills do?: Both bills are, essentially, study requests. The first calls for a report outlining the potential for crypto price manipulation and the resulting market impact. The second bill also commissions a report, but on “comparative studies on existing United States and global legislation, evaluation of the benefits of digital currency as well as blockchain technology to the US commodities market, legislative proposals, recommendations, etc.”

Next Steps: Officials are a long way off from passing these bills. They’ve just recently been introduced and now must be reviewed by the appropriate subcommittees. Once it gets the green light there, it will then move on to the full Congress for a wider review.

Likelihood of Passing: These two blockchain bills will likely sale through without much of a problem. After all, they’re basically fact finding missions to better position the United States in the blockchain and cryptocurrency ecosystems.

Connect with A Blockchain Lawyer

The Gordon Law Group knows the cryptocurrency and blockchain spheres. We’ve been consulting ICOs, investors, and businesses for years. Our team brings a 360-degree, global perspective to the table, in addition to a network of relationships that often proves beneficial to our clients.

We handle everything from contract negotiations to ICO consultations to offshore tax positioning assistance. Get in touch today to begin the conversation. The first call is on us.

Click here to read more about offshore tax positioning. Go here for more blockchain law news. Head here for more cryptocurrency legal tips.

Contact A Crypto Lawyer Today »