,i  #aafth ,,congress  #ast ,session    
,h4 ,r4 #ibc  ,,in ,,the ,,house ,,of   
,,representatives  ,january #cj1        
#bjai,mr4 ,soto 7for himself1 ,mr4      
,budd1 ,mr4 ,davidson of ,ohio1 and ,mr4
 ,emmer7 introduced the following bill2 
which was referred to the ,committee on 
,financial ,services1 and in addition to
 the ,committee on ,agriculture1 for a  
period to be subsequently determined by 
the ,speaker1 in each case for          
consideration of such provisions as fall
 within the jurisdiction of the         
committee concerned  ,a ,,bill  ,to     
promote ,united ,states competitiveness 
in the evolving global virtual currency 
marketplace4  #a4 ,short title ,this    
,act may be cited as the ,u4,s4 ,virtual
 ,currency ,market and ,regulatory      
,competitiveness ,act of #bjai4  #b4    
,sense of ,congress ,it is the sense of 
,congress that virtual currency could   
have a significant effect on the        
economy1 and regulation of virtual      
currency may be important to protect    

investors1 deter bad actors1 create     
market certainty1 and ensure ,american  
competitiveness in an evolving global   
marketplace4  #c4 ,study and report on  
promoting ,american competitiveness in  
evolving global markets  7a7 ,in general
 ,not later than one year after the date
 of the enactment of this ,act1 the     
,chairman of the ,commodity ,futures    
,trading ,commission1 in consultation   
with the heads of the ,securities and   
,exchange ,commission and other relevant
 ,federal agencies 7as determined by the
 ,chairman of the ,commodity ,futures   
,trading ,commission71 shall submit to  
the ,committees on ,agriculture and on  
,financial ,services of the ,house of   
,representatives and the ,committees on 
,agriculture1 ,nutrition1 and ,forestry 
and on ,banking1 ,housing1 and ,urban   
,affairs of the ,senate a report on the 
state of virtual markets and ways to    
promote ,american competitiveness4 ,the 
report shall include the following3     
7#a7 ,a brief description of-- 7,a7 the 

regulation of the ,united ,states       
virtual currency industry1 as a         
comparative study of the regulation of  
such industry in foreign countries1 to  
demonstrate competitiveness in a global 
marketplace2 and  7,b7 the potential    
benefits of virtual currency and        
blockchain technology in the ,united    
,states commodities market4  7#b7       
,recommendations for any legislative    
changes1 if determined appropriate1     
needed to improve the ability of the    
,commodity ,futures ,trading ,commission
 and other relevant ,federal agencies-- 
7,a7 to promote competitiveness of the  
,united ,states and ,united ,states     
businesses in this industry2  7,b7 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 currencies2 
7,c7 to clarify the virtual currencies  
that qualify as commodities for both    
existing currencies and ones that may be

 created in the future2 and  7,d7 to    
provide a new1 optional regulatory      
structure for virtual currency spot     
markets 7commonly referred to as        
exchanges7 that includes ,federal       
licensure1 market supervision1 consumer 
protections1 and preemption of ,state   
money transmission licensing obligations
 for participating in spot markets4     
7#c7 ,an analysis of the feasibility1   
cost1 and potential benefit of the new  
regulatory structure described in       
subparagraphs 7,c7 and 7,d7 of paragraph
 7#b74  7b7 ,virtual currency defined   
,in this ,act1 the term virtual currency
 means a digital representation of value
 that does not have legal tender status 
and that functions as a medium of       
exchange1 a unit of account1 or a store 
of value4