Please disable your Ad Blocker to better interact with this website.

Soto Helps Steer Bipartisan Efforts to Regulate Cryptocurrency
FeaturedFloridaFlorida Politics

Soto Helps Steer Bipartisan Efforts to Regulate Cryptocurrency

203
0
11SHARES

Right as he’s about to start his second term in Congress, Florida Democrat representative Darren Soto is focusing on how cryptocurrency should be regulated.

Along with Republican representative Warren Davidson, right before Christmas, Soto introduced the “Token Taxonomy Act,” which his office explains will “provide light-touch regulatory certainty for businesses, entrepreneurs, and regulators in the blockchain economy.” As well, the bill “draws a bright line for businesses and regulators by defining a ‘digital token’ and clarifies that securities laws do not apply to companies that use blockchain once they reach their goal of becoming a functional network.”

Soto added that “The Federal Trade Commission (FTC) has a history of policing web services, while the Commodities Futures Trading Commission (CFTC) has authority over commodity derivatives. To what extent does the jurisdiction of the FTC apply to digital tokens? Can we address this issue in this legislation or will we need subsequent legislation to effectively regulate this emerging sector?”

Trending: Laura Loomer considers congressional run in Florida

In addition, December also saw Soto teaming up with Republican representative Ted Budd to introduce two other bills that also focus on cryptocurrency.

take our poll - story continues below

Do you support President Trump's plan to impose tariffs on Mexico?

  • Do you support President Trump's plan to impose tariffs on Mexico?

  • This field is for validation purposes and should be left unchanged.
Completing this poll grants you access to Floridian Press updates free of charge. You may opt out at anytime. You also agree to this site's Privacy Policy and Terms of Use.

The bills titled the “U.S. Virtual Currency Market and Regulatory Competitiveness Act” and the “Virtual Currency Consumer Protection Act” “will analyze what can be done to protect consumers from price manipulation and to ensure America remains a global leader in fostering innovation in this evolving global marketplace.”

In a joint statement, the representatives detailed that “Virtual currencies and the underlying blockchain technology has a profound potential to be a driver of economic growth. That’s why we must ensure that the United States is at the forefront of protecting consumers and the financial well-being of virtual currency investors, while also promoting an environment of innovation to maximize the potential of these technological advances. This bill will provide data on how Congress can best mitigate these risks while propelling development that benefits our economy.”

11SHARES
Tagged:
Daniel Molina

Daniel Molina was the Opinion Editor of his high school’s newspaper, and he was also Editor-in-Chief of Miami Dade College’s Urbana literary and arts magazine wherein he also won the 2013 FCSAA Best Fiction Story in the State of Florida Award. He’s currently pursuing his Bachelor’s in English Literature. Hobbies in his free time include reading, writing and watching films and basketball.

Congressman DeSantis Attacked in new ad From American Bridge
Florida
Congressman DeSantis Attacked in new ad From American Bridge
death penalty
Florida Politics
Justices reject 10 more death penalty appeals
The inmates’ appeals stemmed from a 2016 U.S. Supreme Court ruling in a case known [...]
Senator Marco Rubio/ The Shark Tank
FeaturedFloridaFlorida PoliticsMarco Rubio
Senators Call for Transparency in Higher Education
"We must equip students with the information they need as they decide where and what [...]