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.
U.S. lawmakers are making moves in crypto, introducing legislature meant to protect consumers and make the country a leader in the industry. @RepDarrenSoto (D-FL) joins #CheddarLIVE to break down the pair of bills. pic.twitter.com/uwJUuMz5Co— Cheddar (@cheddar) January 10, 2019
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."