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I
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 Representa-
1
tives of the United States of America in Congress assembled,
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SECTION 1. VIRTUAL CURRENCY.
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(a) DEFINITION.—Section 1a of the Commodity Ex-
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change Act (7 U.S.C. 1a) is amended by adding at the
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end the following:
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‘‘(52) VIRTUAL CURRENCY.—The term ‘virtual
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currency’ means a digital representation of value
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that does not have legal tender status and that func-
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tions as a medium of exchange, a unit of account,
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or a store of value.’’.
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(b) REQUIREMENTS APPLICABLE
TO BOARDS
OF
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TRADE.—Section 5(d)(4) of such Act (7 U.S.C. 7(d)(4))
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is amended—
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(1) by striking all that precedes ‘‘board of
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trade’’ and inserting the following:
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‘‘(4) PREVENTION OF MARKET DISRUPTION.—
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‘‘(A) IN GENERAL.—The’’;
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(2) by redesignating each of subparagraphs (A)
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and (B) as clauses (i) and (ii), respectively, and
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moving each of such provisions 2 ems to the right;
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and
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(3) by adding after and below the end the fol-
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lowing:
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‘‘(B)
VIRTUAL
CURRENCY.—Notwith-
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standing paragraph (1)(B), with regard to a
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contract on the contract market that references
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a virtual currency available on a spot market
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platform, in order to fully comply with this
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paragraph, the board of trade must have—
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‘‘(i) unconstrained access to all trade
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and trader data regarding the virtual cur-
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rency on the spot market platform; and
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‘‘(ii) the capability to provide the data
1
to the Commission on request.’’.
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(c) REQUIREMENTS APPLICABLE TO SWAP EXECU-
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TION FACILITIES.—Section 5h(f)(4) of such Act (7 U.S.C.
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7b–3(f)(4)) is amended—
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(1) by striking all that precedes ‘‘swap execu-
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tion facility shall’’ and inserting the following:
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‘‘(4) MONITORING
OF
TRADING
AND
TRADE
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PROCESSING.—
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‘‘(A) IN GENERAL.—The’’;
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(2) by redesignating each of clauses (i) and (ii)
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of subparagraph (A) as subclauses (I) and (II), re-
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spectively, and moving each of such provisions 2 ems
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to the right;
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(3) by redesignating subparagraphs (A) and
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(B) as clauses (i) and (ii), respectively, and moving
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each of such provisions 2 ems to the right; and
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(4) by adding after and below the end the fol-
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lowing:
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‘‘(B)
VIRTUAL
CURRENCY.—Notwith-
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standing paragraph (1)(B), with regard to a
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swap on the swap execution facility that ref-
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erences a virtual currency available on a spot
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market platform, in order to fully comply with
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this paragraph, the board of trade must have—
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‘‘(i) unconstrained access to all trade
1
and trader data regarding the virtual cur-
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rency on the spot market platform; and
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‘‘(ii) the capability to provide the data
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to the Commission on request.’’.
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Æ
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