To amend the Commodity Exchange Act with respect to the regulation of virtual currencies.

Bill: 116-hr-4234
Sponsor: full_name: Rep. Maloney, Sean Patrick [D-NY-18]
Introduced: 2019-09-06
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures

Business records

Commodities markets

Commodity Futures Trading Commission

Currency

Digital media
Latest action: action_date: 2019-09-11
text: Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.

Summaries:
action_date: 2019-09-06
action_desc: Introduced in House
text: <p>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. </p>

tv_txt: I 116th CONGRESS 1st Session H. R. 4234 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.

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. .