I 

116TH CONGRESS 

1ST SESSION H. R. 4234 

To amend the Commodity Exchange Act with respect to the regulation of 

virtual currencies. 

IN THE HOUSE OF REPRESENTATIVES 

SEPTEMBER 6, 2019 

Mr. SEAN PATRICK MALONEY of New York introduced the following bill; 

which was referred to the Committee on Agriculture 

A BILL 

To amend the Commodity Exchange Act with respect to 

the regulation of virtual currencies. 

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

3 SECTION 1. VIRTUAL CURRENCY. 

4 (a) DEFINITION.—Section 1a of the Commodity Ex5 change Act (7 U.S.C. 1a) is amended by adding at the 

6 end the following: 

7 ‘‘(52) VIRTUAL CURRENCY.—The term ‘virtual 

8 currency’ means a digital representation of value 

9 that does not have legal tender status and that funcVerDate Sep 11 2014 21:29 Sep 06, 2019 Jkt 089200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H4234.IH H4234

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1 tions as a medium of exchange, a unit of account, 

2 or a store of value.’’. 

3 (b) REQUIREMENTS APPLICABLE TO BOARDS OF

4 TRADE.—Section 5(d)(4) of such Act (7 U.S.C. 7(d)(4)) 

5 is amended— 

6 (1) by striking all that precedes ‘‘board of 

7 trade’’ and inserting the following: 

8 ‘‘(4) PREVENTION OF MARKET DISRUPTION.— 

9 ‘‘(A) IN GENERAL.—The’’; 

10 (2) by redesignating each of subparagraphs (A) 

11 and (B) as clauses (i) and (ii), respectively, and 

12 moving each of such provisions 2 ems to the right; 

13 and 

14 (3) by adding after and below the end the fol15 lowing: 

16 ‘‘(B) VIRTUAL CURRENCY.—Notwith17 standing paragraph (1)(B), with regard to a 

18 contract on the contract market that references 

19 a virtual currency available on a spot market 

20 platform, in order to fully comply with this 

21 paragraph, the board of trade must have— 

22 ‘‘(i) unconstrained access to all trade 

23 and trader data regarding the virtual cur24 rency on the spot market platform; and 


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1 ‘‘(ii) the capability to provide the data 

2 to the Commission on request.’’. 

3 (c) REQUIREMENTS APPLICABLE TO SWAP EXECU4 TION FACILITIES.—Section 5h(f)(4) of such Act (7 U.S.C. 

5 7b–3(f)(4)) is amended— 

6 (1) by striking all that precedes ‘‘swap execu7 tion facility shall’’ and inserting the following: 

8 ‘‘(4) MONITORING OF TRADING AND TRADE

9 PROCESSING.— 

10 ‘‘(A) IN GENERAL.—The’’; 

11 (2) by redesignating each of clauses (i) and (ii) 

12 of subparagraph (A) as subclauses (I) and (II), re13 spectively, and moving each of such provisions 2 ems 

14 to the right; 

15 (3) by redesignating subparagraphs (A) and 

16 (B) as clauses (i) and (ii), respectively, and moving 

17 each of such provisions 2 ems to the right; and 

18 (4) by adding after and below the end the fol19 lowing: 

20 ‘‘(B) VIRTUAL CURRENCY.—Notwith21 standing paragraph (1)(B), with regard to a 

22 swap on the swap execution facility that ref23 erences a virtual currency available on a spot 

24 market platform, in order to fully comply with 

25 this paragraph, the board of trade must have— 


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1 ‘‘(i) unconstrained access to all trade 

2 and trader data regarding the virtual cur3 rency on the spot market platform; and 

4 ‘‘(ii) the capability to provide the data 

5 to the Commission on request.’’. 

Æ 


pamtmann on DSKBC07HB2PROD with BILLS