Florida plans to create its own cryptocurrency position, announced CFO Jimmy Patronis.
The statement was published on 26th June on Florida’s Chief Financial Officer website. According to it, Jimmy Patronis is committed to launching a new job to monitor the crypto market in Florida. The overseer will have the right to apply penalties for malicious operations.
“Florida can no longer remain on the sidelines when it comes to cryptocurrency. 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,” Patronis wrote.
Florida needs a cryptocurrency chief
According to Patronis, the position of supervisor is needed to protect residents against investment exploits. It has not been disclosed who will occupy the position and when the operations will start, however, it is certain that this measure is mandatory.
Florida has been strongly committed to crypto-related operations, making several complaints about the BitConnect scam. Also, the US state was once the host of Cryptsy, a crypto exchange whose activities have been suspended in 2016 after a fraudulent scandal.
Jimmy Patrons wants to protect Floridians
The US state plans to protect its residents. An example given by CFO Jimmy Patrons was the suspending order received by Platinum Coin based in Miami from the Alabama Securities Commission as a ban on the sale of securities. CFO brought as arguments the protection measures taken by other states against the actors that negatively influence the cryptocurrency sector.
“We cannot allow the cryptocurrency industry to expand in Florida unfettered and unchecked with the potential for so many, including our large population of seniors, to be exploited. By taking an active, comprehensive and balanced approach, our state will provide an appropriate level of scrutiny for emerging digital asset technologies. It is absolutely essential that Florida create safeguards to protect our consumers from fraud,” stated Jimmy Patrons.
Crypto assets are accepted by more and more institutions based in Florida. The latest one is the Seminole County Tax Collector which announced it would accept Bitcoin (BTC) as payments for “property taxes, identity cards and license plates.”
Florida’s Chief Financial Officer believes that a supervisor of cryptocurrencies will help Florida-based citizens protect against misleading operations by providing the necessary information about the risks and benefits of the crypto sector. “My goal is to keep pace with demand and not deter innovation while monitoring for fraudulent behavior and scams,” added Patrons.