,i  #aaf? ,,congress  #a/ ,session  ,h4 
,r4 #ibc  ,,9 ,,! ,,h\se ,,(            
,,repres5tatives  ,janu>y #cj1 #bjai,mr4
 ,soto 7= himself1 ,mr4 ,budd1 ,mr4     
,davidson ( ,ohio1 & ,mr4 ,emm]7        
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,f9ancial ,s]vices1 & 9
 addition to ! ,committee on            
,agriculture1 = a p]iod to be           
subsequ5tly det]m9$ by ! ,speak]1 9 ea* 
case = consid]ation ( su* provisions z  
fall )9 ! jurisdiction ( ! committee    
conc]n$  ,a ,,bill  ,to promote ,unit$  
,/ates competitiv5ess 9 ! evolv+ global 
virtual curr5cy m>ketplace4  #a4 ,%ort  
title ,?is ,act may be cit$ z ! ,u4,s4  
,virtual ,curr5cy ,m>ket & ,regulatory  
,competitiv5ess ,act ( #bjai4  #b4 ,s5se
 ( ,congress ,x is ! s5se ( ,congress t 
virtual curr5cy c\ld h a significant    
effect on ! economy1 & regulation (     
virtual curr5cy may be important to     
protect inve/ors1 det] bad actors1      
create m>ket c]ta9ty1 & ensure ,am]ican 
competitiv5ess 9 an evolv+ global       

m>ketplace4  #c4 ,/udy & report on      
promot+ ,am]ican competitiv5ess 9 evolv+
 global m>kets  7a7 ,9 g5]al ,n lat] ?an
 "o ye> aft] ! date ( ! enactm5t ( ?is  
,act1 ! ,*airman ( ! ,commodity ,futures
 ,trad+ ,commission1 9 consultation ) ! 
heads ( ! ,securities & ,ex*ange        
,commission & o!r relevant ,f$]al       
ag5cies 7z det]m9$ by ! ,*airman ( !    
,commodity ,futures ,trad+ ,commission71
 %all submit to ! ,committees on        
,agriculture & on ,f9ancial ,s]vices ( !
 ,h\se ( ,repres5tatives & ! ,committees
 on ,agriculture1 ,nutrition1 & ,=e/ry &
 on ,bank+1 ,h\s+1 & ,urban ,affairs ( !
 ,s5ate a report on ! /ate ( virtual    
m>kets & ways to promote ,am]ican       
competitiv5ess4 ,! report %all include !
 foll[+3  7#a7 ,a brief description (-- 
7,a7 ! regulation ( ! ,unit$ ,/ates     
virtual curr5cy indu/ry1 z a comp>ative 
/udy ( ! regulation ( su* indu/ry 9     
=eign c\ntries1 to demon/rate           
competitiv5ess 9 a global m>ketplace2 & 
7,b7 ! pot5tial b5efits ( virtual       

curr5cy & block*a9 te*nology 9 ! ,unit$ 
,/ates commodities m>ket4  7#b7         
,recomm5dations = any legislative       
*anges1 if det]m9$ appropriate1 ne$$ to 
improve ! ability ( ! ,commodity        
,futures ,trad+ ,commission & o!r       
relevant ,f$]al ag5cies--  7,a7 to      
promote competitiv5ess ( ! ,unit$ ,/ates
 & ,unit$ ,/ates bus9esses 9 ?is        
indu/ry2  7,b7 to enc\rage ! gr[? (     
adoption ( virtual curr5cies 9 segm5ts (
 ! commodity m>ket t c\ld b5efit f      
virtual curr5cies & access to transp>5t 
m>kets 9 su* curr5cies2  7,c7 to cl>ify 
! virtual curr5cies t qualify z         
commodities = bo? exi/+ curr5cies & ones
 t may be creat$ 9 ! future2 &  7,d7 to 
provide a new1 optional regulatory      
/ructure = virtual curr5cy spot m>kets  
7commonly ref]r$ to z ex*anges7 t       
includes ,f$]al lic5sure1 m>ket         
sup]vision1 consum] protections1 &      
preemption ( ,/ate money transmission   
lic5s+ obligations = p>ticipat+ 9 spot  
m>kets4  7#c7 ,an analysis ( !          

feasibility1 co/1 & pot5tial b5efit ( ! 
new regulatory /ructure describ$ 9      
subp>agraphs 7,c7 & 7,d7 ( p>agraph     
7#b74  7b7 ,virtual curr5cy def9$ ,9 ?is
 ,act1 ! t]m virtual curr5cy means a    
digital repres5tation ( value t does n h
 legal t5d] /atus & t functions z a     
m$ium ( ex*ange1 a unit ( acc\nt1 or a  
/ore ( value4