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 Fi-
nancial 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 com-
mittee concerned 
A BILL 
To promote United States competitiveness in the evolving 
global virtual currency marketplace. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘U.S. Virtual Currency 
Market and Regulatory Competitiveness Act of 2019’’. 
SEC. 2. SENSE OF CONGRESS. 
It is the sense of Congress that virtual currency could 
have a significant effect on the economy, and regulation 
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of virtual currency may be important to protect investors, 
deter bad actors, create market certainty, and ensure 
American competitiveness in an evolving global market-
place. 
SEC. 3. STUDY AND REPORT ON PROMOTING AMERICAN 
COMPETITIVENESS IN EVOLVING GLOBAL 
MARKETS. 
(a) IN GENERAL.—Not later than one year after the 
date of the enactment of this Act, the Chairman of the 
Commodity Futures Trading Commission, in consultation 
with the heads of the Securities and Exchange Commis-
sion and other relevant Federal agencies (as determined 
by the Chairman of the Commodity Futures Trading Com-
mission), shall submit to the Committees on Agriculture 
and on Financial Services of the House of Representatives 
and the Committees on Agriculture, Nutrition, and For-
estry and on Banking, Housing, and Urban Affairs of the 
Senate a report on the state of virtual markets and ways 
to promote American competitiveness. The report shall in-
clude the following: 
(1) A brief description of— 
(A) the regulation of the United States vir-
tual currency industry, as a comparative study 
of the regulation of such industry in foreign 
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countries, to demonstrate competitiveness in a 
global marketplace; and 
(B) the potential benefits of virtual cur-
rency and blockchain technology in the United 
States commodities market. 
(2) 
Recommendations 
for 
any 
legislative 
changes, if determined appropriate, needed to im-
prove the ability of the Commodity Futures Trading 
Commission and other relevant Federal agencies— 
(A) to promote competitiveness of the 
United States and United States businesses in 
this industry; 
(B) to encourage the growth of adoption of 
virtual currencies in segments of the commodity 
market that could benefit from virtual cur-
rencies and access to transparent markets in 
such currencies; 
(C) to clarify the virtual currencies that 
qualify as commodities for both existing cur-
rencies and ones that may be created in the fu-
ture; and 
(D) to provide a new, optional regulatory 
structure for virtual currency spot markets 
(commonly referred to as exchanges) that in-
cludes Federal licensure, market supervision, 
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consumer protections, and preemption of State 
money transmission licensing obligations for 
participating in spot markets. 
(3) An analysis of the feasibility, cost, and po-
tential benefit of the new regulatory structure de-
scribed in subparagraphs (C) and (D) of paragraph 
(2). 
(b) VIRTUAL CURRENCY DEFINED.—In this Act, the 
term ‘‘virtual currency’’ means a digital representation of 
value that does not have legal tender status and that func-
tions as a medium of exchange, a unit of account, or a 
store of value. 
Æ 
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