U.S. Virtual Currency Market and Regulatory Competitiveness Act of 2021
Bill: H.R.5101 | Sponsor: Rep. Soto, Darren (D-FL)
Policy area: Finance and Financial Sector

Summary:
U.S. Virtual Currency Market and Regulatory Competitiveness Act of 2021
This bill directs the Commodity Futures Trading Commission to report on virtual currency markets and U.S. competitiveness.

To promote United States competitiveness in the evolving global virtual 
                         currency marketplace.

    Be it enacted by the Senate and House of Representatives 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 2021''.

SEC. 2. SENSE OF CONGRESS.

    It is the sense of Congress that virtual currency could have a 
significant effect on the economy, and regulation of virtual currency 
may be important to protect investors, deter bad actors, create market 
certainty, and ensure American competitiveness in an evolving global 
marketplace.

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 Commission and other relevant Federal agencies (as determined 
by the Chairman of the Commodity Futures Trading Commission), shall 
submit to the Committees on Agriculture and on Financial Services of 
the House of Representatives and the Committees on Agriculture, 
Nutrition, and Forestry 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 include the following:
            (1) A brief description of--
                    (A) the regulation of the United States virtual 
                currency industry, as a comparative study of the 
                regulation of such industry in foreign countries, to 
                demonstrate competitiveness in a global marketplace; 
                and
                    (B) the potential benefits of virtual currency and 
                blockchain technology in the United States commodities 
                market.
            (2) Recommendations for any legislative changes, if 
        determined appropriate, needed to improve 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 currencies and access to 
                transparent markets in such currencies;
                    (C) to clarify the virtual currencies that qualify 
                as commodities for both existing currencies and ones 
                that may be created in the future; and
                    (D) to provide a new, optional regulatory structure 
                for virtual currency spot markets (commonly referred to 
                as exchanges) that includes Federal licensure, market 
                supervision, consumer protections, and preemption of 
                State money transmission licensing obligations for 
                participating in spot markets.
            (3) An analysis of the feasibility, cost, and potential 
        benefit of the new regulatory structure described 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 functions as a medium of exchange, a unit 
of account, or a store of value.
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