[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.
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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
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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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