Title: Virtual Currency Consumer Protection Act of 2018
Policy area: Finance and Financial Sector

Summary:
Virtual Currency Consumer Protection Act of 2018
This bill directs the Commodity Futures Trading Commission to report on virtual currency markets and price manipulation.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7224 Introduced in House (IH)]

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115th CONGRESS
  2d Session
                                H. R. 7224

 To promote fair and transparent virtual currency markets by examining 
                 the potential for price manipulation.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            December 6, 2018

 Mr. Soto (for himself, Mrs. Watson Coleman, 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 fair and transparent virtual currency markets by examining 
                 the potential for price manipulation.

    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 ``Virtual Currency Consumer Protection 
Act of 2018''.

SEC. 2. SENSE OF THE CONGRESS.

    It is the sense of Congress that virtual currency could have a 
significant effect on the economy, and regulation of them 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 THE PREVENTION OF VIRTUAL CURRENCY PRICE 
              MANIPULATION.

    (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 to promote fair and transparent virtual currency 
markets by examining the potential for price manipulation. The report 
shall include the following:
            (1) A brief description of--
                    (A) methods by which persons could manipulate the 
                price of virtual currencies;
                    (B) which types of virtual currency, if any, are 
                more susceptible to being manipulated; and
                    (C) the effects on, and particular harm to, 
                investors if price manipulation of virtual currencies 
                occurs.
            (2) An analysis of the extent to which the regulatory 
        authority of the Commodity Futures Trading Commission and other 
        relevant Federal agencies allows for--
                    (A) market surveillance of virtual currencies for 
                signs of manipulation; and
                    (B) enforcement of Federal regulations against 
                persons involved in any such manipulation.
            (3) Recommendations for any legislative changes needed to 
        improve the ability of the Commodity Futures Trading Commission 
        and other relevant Federal agencies--
                    (A) to carry out the monitoring and enforcement 
                activities described in paragraph (2);
                    (B) to prevent price manipulations of virtual 
                currencies; and
                    (C) to protect virtual currency investors from 
                price manipulation.
    (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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