The Florida Chief Financial Officer (CFO), Jimmy Patronis, has issued a statement calling for Florida’s government to create the post of “cryptocurrency chief” to provide greater oversight to the state’s emerging digital currency sector.
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Florida CFO Advocates Creation of Government Post Overseeing Crypto
Jimmy Patronis
Jimmy Patronis has issued a statement urging Florida’s lawmakers to create a new governmental post tasked with overseeing the state’s cryptocurrency industry.
The “Cryptocurrency Oversight Initiative” has received support from Florida Senate President-Designate Bill Galvano, who stated “ 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. I applaud CFO Patronis for putting innovative proposals forward and will work with him on any forthcoming policy changes.”
Mr. Patronis said: “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.”
“ICO and cryptocurrency companies based in Florida will also be required to register with the Office of Financial Regulation (OFR) under the supervision of the cryptocurrency chief. The new position will coordinate the efforts of OFR and Office of Insurance Regulation (OIR) regarding the development of policy, legislation, and regulation,” Mr. Patronis continued.
CFO Urges Florida to Develop “Comprehensive” Regulatory Response to Cryptocurrency
Mr. Patronis argues that Florida must develop a “comprehensive and balanced” regulatory framework, emphasizing the need to protect citizens from malicious
