The US congress is gearing up to vote on new cryptocurrency bill

The House of Representatives is looking to vote on legislation about how the Commodity Futures Trading Commission (CFTC) should regulate crypto assets.

After the 2019 CFTC Reauthorization Act passed through the House Agriculture Committee, the bill is set for a vote in congress.

If passed, the bill would give the regulator the mission to create guidelines that would have to be followed to be granted access to trade data for digital commodities.

Democratic representative Sean Patrick Maloney issued a statement that this is an important step to regulate digital assets and cryptocurrencies like bitcoin.

“It’s time for congress to get smart about crypto and create an integrated approach to regulating digital currencies,” Maloney said. “This provision is an essential first step in our efforts to close the gap in regulation of crypto-assets in the derivatives market, fight manipulation and detect fraud.”

The news comes after the House of Representatives put Mark Zuckerberg, co-founder and CEO of Facebook, through a six-hour testimony about Libra, the cryptocurrency project led by Facebook and the other members of the Libra Association.

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