I 

115TH CONGRESS 

2D SESSION H. R. 7225 

To promote United States competitiveness in the evolving global virtual 

currency marketplace. 

IN THE HOUSE OF REPRESENTATIVES 

DECEMBER 6, 2018 

Mr. SOTO (for himself and Mr. BUDD) 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 2018’’. 

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 

9 of virtual currency may be important to protect investors, 


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1 deter bad actors, create market certainty, and ensure 

2 American competitiveness in an evolving global market3 place. 

4 SEC. 3. STUDY AND REPORT ON PROMOTING AMERICAN 

5 COMPETITIVENESS IN EVOLVING GLOBAL 

6 MARKETS. 

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

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

9 Commodity Futures Trading Commission, in consultation 

10 with the heads of the Securities and Exchange Commis11 sion and other relevant Federal agencies (as determined 

12 by the Chairman of the Commodity Futures Trading Com13 mission), shall submit to the Committees on Agriculture 

14 and on Financial Services of the House of Representatives 

15 and the Committees on Agriculture, Nutrition, and For16 estry and on Banking, Housing, and Urban Affairs of the 

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

18 to promote American competitiveness. The report shall in19 clude the following: 

20 (1) A brief description of— 

21 (A) the regulation of the United States vir22 tual currency industry, as a comparative study 

23 of the regulation of such industry in foreign 

24 countries, to demonstrate competitiveness in a 

25 global marketplace; and 


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1 (B) the potential benefits of virtual cur2 rency and blockchain technology in the United 

3 States commodities market. 

4 (2) Recommendations for any legislative 

5 changes, if determined appropriate, needed to im6 prove the ability of the Commodity Futures Trading 

7 Commission and other relevant Federal agencies— 

8 (A) to promote competitiveness of the 

9 United States and United States businesses in 

10 this industry; 

11 (B) to encourage the growth of adoption of 

12 virtual currencies in segments of the commodity 

13 market that could benefit from virtual cur14 rencies and access to transparent markets in 

15 such currencies; 

16 (C) to clarify the virtual currencies that 

17 qualify as commodities for both existing cur18 rencies and ones that may be created in the fu19 ture; and 

20 (D) to provide a new, optional regulatory 

21 structure for virtual currency spot markets 

22 (commonly referred to as exchanges) that in23 cludes Federal licensure, market supervision, 

24 consumer protections, and preemption of State 


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1 money transmission licensing obligations for 

2 participating in spot markets. 

3 (3) An analysis of the feasibility, cost, and po4 tential benefit of the new regulatory structure de5 scribed in subparagraphs (C) and (D) of paragraph 

6 (2). 

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

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

9 value that does not have legal tender status and that func10 tions as a medium of exchange, a unit of account, or a 

11 store of value. 

Æ 


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