Cryptocurrency Czar Needed In Florida, Says State Chief Financial Officer

News, Regulation | June 27, 2018 By:
Florida Chief Financial Officer (CFO) Jimmy Patronis today released a statement on the need for Florida to provide oversight of the growing industry of cryptocurrency by creating a statewide cryptocurrency chief.
“Florida can no longer remain on the sidelines when it comes to cryptocurrency,” Patronis said. “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.
 Patronis said that the crypto currency industry cannot be allowed 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.”
By establishing the new office, protections against scams will be put into place, Patronis argued. “Understanding the risks and benefits of this emerging industry will benefit Florida consumers. My goal is to keep pace with demand and not deter innovation while monitoring for fraudulent behavior and scams.”
Senate President-Designate Bill Galvano championed the idea. “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.”