Florida Chief Financial Officer (CFO), Jimmy Patronis, believes that Florida should create a statewide cryptocurrency chief in order to supervise the blooming cryptocurrency industry.
In particular, Patronis noted that Florida should not simply observe the developments in the crypto world but take specific action instead, “I have directed my office to create a position that will oversee how current securities and insurance laws apply to Initial Coin Offerings (ICOs) and cryptocurrencies as well as shape the future of these regulations in our state.”
Besides, he plans to require ICO and cryptocurrency companies that are based in the state to officially register with the Office of Financial Regulation (OFR) and report to a so-called cryptocurrency chief. The position, which does not exist yet, will oversee the
coordination of efforts of OFR and Office of Insurance Regulation (OIR) in order to devise various policy, legislative acts, and regulatory framework.
“The Alabama Securities Commission recently sent a cease and desist order to Platinum Coin from Miami to prohibit the company from issuing securities within Alabama. Other states have identified and are taking action against bad actors in the cryptocurrency industry. Florida must also protect our residents,” stressed Patronis.
He does not hide the fact that he is concerned about the cryptocurrency industry which he believes might harm “so many, including our large population of seniors” if left unchecked. That is why he is prepared to scrutinize the emerging digital asset technologies especially since it is becoming more and more widespread. For example, the Seminole County Tax Collector has recently announced that it plans to accept Bitcoin payments for property taxes, identification cards, and license plates.
“My goal is to keep pace with demand and not deter innovation while monitoring for fraudulent behavior and scams,” reiterated Patronis.
Bill Galvano, a Senate President-Designate, supports the view of Patronis saying he applauds to him, “As technology continues to develop, our state needs to be both on the forefront of emerging trends and ahead of the game when it comes to protecting consumers from those who want to scam our residents.”
The initiative follows the South Korean government’s latest decision to create a legitimate industry
which will regulate cryptocurrencies. Concurrently, the New York Assembly has indicated
that it is considering forming a crypto task force which will investigate “the current state of global cryptocurrency and blockchain utility and legislation.”