I 

116TH CONGRESS 

1ST SESSION H. R. 923 

To promote United States competitiveness in the evolving global virtual 

currency marketplace. 

IN THE HOUSE OF REPRESENTATIVES 

JANUARY 30, 2019 

Mr. SOTO (for himself, Mr. BUDD, Mr. DAVIDSON of Ohio, and Mr. EMMER) 

introduced the following bill; which was referred to the Committee on Financial Services, and in addition to the Committee on Agriculture, for a 

period to be subsequently determined by the Speaker, in each case for 

consideration of such provisions as fall within the jurisdiction of the committee concerned 

A BILL 

To promote United States competitiveness in the evolving 

global virtual currency marketplace. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘U.S. Virtual Currency 

5 Market and Regulatory Competitiveness Act of 2019’’. 

6 SEC. 2. SENSE OF CONGRESS. 

7 It is the sense of Congress that virtual currency could 

8 have a significant effect on the economy, and regulation 


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1 of virtual currency may be important to protect investors, 

2 deter bad actors, create market certainty, and ensure 

3 American competitiveness in an evolving global market4 place. 

5 SEC. 3. STUDY AND REPORT ON PROMOTING AMERICAN 

6 COMPETITIVENESS IN EVOLVING GLOBAL 

7 MARKETS. 

8 (a) IN GENERAL.—Not later than one year after the 

9 date of the enactment of this Act, the Chairman of the 

10 Commodity Futures Trading Commission, in consultation 

11 with the heads of the Securities and Exchange Commis12 sion and other relevant Federal agencies (as determined 

13 by the Chairman of the Commodity Futures Trading Com14 mission), shall submit to the Committees on Agriculture 

15 and on Financial Services of the House of Representatives 

16 and the Committees on Agriculture, Nutrition, and For17 estry and on Banking, Housing, and Urban Affairs of the 

18 Senate a report on the state of virtual markets and ways 

19 to promote American competitiveness. The report shall in20 clude the following: 

21 (1) A brief description of— 

22 (A) the regulation of the United States vir23 tual currency industry, as a comparative study 

24 of the regulation of such industry in foreign 


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1 countries, to demonstrate competitiveness in a 

2 global marketplace; and 

3 (B) the potential benefits of virtual cur4 rency and blockchain technology in the United 

5 States commodities market. 

6 (2) Recommendations for any legislative 

7 changes, if determined appropriate, needed to im8 prove the ability of the Commodity Futures Trading 

9 Commission and other relevant Federal agencies— 

10 (A) to promote competitiveness of the 

11 United States and United States businesses in 

12 this industry; 

13 (B) to encourage the growth of adoption of 

14 virtual currencies in segments of the commodity 

15 market that could benefit from virtual cur16 rencies and access to transparent markets in 

17 such currencies; 

18 (C) to clarify the virtual currencies that 

19 qualify as commodities for both existing cur20 rencies and ones that may be created in the fu21 ture; and 

22 (D) to provide a new, optional regulatory 

23 structure for virtual currency spot markets 

24 (commonly referred to as exchanges) that in25 cludes Federal licensure, market supervision, 


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1 consumer protections, and preemption of State 

2 money transmission licensing obligations for 

3 participating in spot markets. 

4 (3) An analysis of the feasibility, cost, and po5 tential benefit of the new regulatory structure de6 scribed in subparagraphs (C) and (D) of paragraph 

7 (2). 

8 (b) VIRTUAL CURRENCY DEFINED.—In this Act, the 

9 term ‘‘virtual currency’’ means a digital representation of 

10 value that does not have legal tender status and that func11 tions as a medium of exchange, a unit of account, or a 

12 store of value. 

Æ 


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