US Congressman: CFTC and FTC should regulate cryptos, not SEC

12 Jan, 2019
by Alberto Arnaldo
Opinion
US Congressman: CFTC and FTC should regulate cryptos, not SEC

According to democrat Congressman for Florida Darren Soto, the SEC might be off limits when trying to regulate cryptocurrencies, as other governmental organisms might be fitter for the task.

In an interview with Cheddar, Soto acknowledged the bipartisan efforts led together with Ted Budd in order to smoothen the regulatory pressure of cryptos on the U.S., calling for an “aggressive” strategy to continue dominating crypto and avoid losing positions to countries which are betting strongly on the space such as Malta.

Darren Soto seems to think that the SEC should only be resorted to for the case of what he deems as “true securities”, as he believes that crypto finance is mostly composed of commodities and currency transactions.

“[The CFTC and the FTC] are agencies with a lighter touch and we have grown consensus among the industry that they’d be appropriate for the majority of these types of cryptocurrency transactions and the nature of these assets."

Read more: Wyoming, Congress introduce bill to try to keep blockchain and crypto in USCryptocurrency is SEC top priority for 2019

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