Title: To amend the Commodity Exchange Act with respect to the regulation of virtual currencies.
Policy area: Finance and Financial Sector

Summary:
This bill provides for data collection by the Commodity Futures Trading Commission (CFTC) regarding virtual currency derivatives. Specifically, a board of trade, contract market, or a swap execution facility that trades a contract or swap referencing a virtual currency must have (1) access to all trade and trader data regarding that virtual currency, and (2) the capability to provide that data to the CFTC upon request.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4234 Introduced in House (IH)]

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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.

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

SECTION 1. VIRTUAL CURRENCY.

    (a) Definition.--Section 1a of the Commodity Exchange Act (7 U.S.C. 
1a) is amended by adding at the end the following:
            ``(52) Virtual currency.--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.''.
    (b) Requirements Applicable to Boards of Trade.--Section 5(d)(4) of 
such Act (7 U.S.C. 7(d)(4)) is amended--
            (1) by striking all that precedes ``board of trade'' and 
        inserting the following:
            ``(4) Prevention of market disruption.--
                    ``(A) In general.--The'';
            (2) by redesignating each of subparagraphs (A) and (B) as 
        clauses (i) and (ii), respectively, and moving each of such 
        provisions 2 ems to the right; and
            (3) by adding after and below the end the following:
                    ``(B) Virtual currency.--Notwithstanding paragraph 
                (1)(B), with regard to a contract on the contract 
                market that references a virtual currency available on 
                a spot market platform, in order to fully comply with 
                this paragraph, the board of trade must have--
                            ``(i) unconstrained access to all trade and 
                        trader data regarding the virtual currency on 
                        the spot market platform; and
                            ``(ii) the capability to provide the data 
                        to the Commission on request.''.
    (c) Requirements Applicable To Swap Execution Facilities.--Section 
5h(f)(4) of such Act (7 U.S.C. 7b-3(f)(4)) is amended--
            (1) by striking all that precedes ``swap execution facility 
        shall'' and inserting the following:
            ``(4) Monitoring of trading and trade processing.--
                    ``(A) In general.--The'';
            (2) by redesignating each of clauses (i) and (ii) of 
        subparagraph (A) as subclauses (I) and (II), respectively, and 
        moving each of such provisions 2 ems to the right;
            (3) by redesignating subparagraphs (A) and (B) as clauses 
        (i) and (ii), respectively, and moving each of such provisions 
        2 ems to the right; and
            (4) by adding after and below the end the following:
                    ``(B) Virtual currency.--Notwithstanding paragraph 
                (1)(B), with regard to a swap on the swap execution 
                facility that references a virtual currency available 
                on a spot market platform, in order to fully comply 
                with this paragraph, the board of trade must have--
                            ``(i) unconstrained access to all trade and 
                        trader data regarding the virtual currency on 
                        the spot market platform; and
                            ``(ii) the capability to provide the data 
                        to the Commission on request.''.
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