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.”
Previous articlePeople Know About Crypto, But Are Not Buying Into It, ING Report Finds
Next articlePornhub Now Accepts Tron and Zencash
Lesia Dubenko
A warm hello from Ukraine! My name is Lesia, I am a journalist, writer, political scientist, and crypto enthusiast. Before joining AltcoinBuzz in May I knew nothing about crypto, I was in the dark (it was very gloomy indeed). I was all skeptic and suspicious. But then one day, probably in June-July when I was doing a podcast with James and Matt, I finally grasped the concept in full. That is when I truly started to enjoy it thoroughly. I am a big believer in crypto and blockchain. There is no doubt that it is the future. But be patient, it needs time, like a fine Chardonnay. However, if you want to know when the next bull run is happening, I highly recommend asking Luc Lammers. He will definitely spill the beans! xxx


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.