It has just been announced that the state of Florida will be creating a position of Crypto Chief whose job will be to oversee and regulate the out of control industry of cryptocurrencies. According to the announcement released on 26th of June, the decision was made by Florida’s Chief Financial Officer Jimmy Patronis.
Jimmy Patronis also serves as the Fire Marshal of the state of Florida and as the supervisor of Department of Financial Services. Patronis has ordered to create a position in his office. The responsibilities of the cryptocurrency chief will be to handle current insurance affairs and security laws for ICOs and digital cryptocurrencies and crypto exchanges operating in the state. The development of a sound regulatory framework will also be tasked to the crypto chief.
The announcement said that the financial administration of Florida cannot allow the industry to expand in the state without being checked or regulated. The decision, according to the official statement is crucial in stopping fraudulent entities from ripping off the citizens of the state, including a large portion of seniors. The statement says that the state will take a balanced and thorough approach in providing a suitable level of scrutiny for emerging “digital assets”. It is necessary for the state to create regulations that safeguard the consumers and citizens of the state from frauds that are at large right now in the world.
Jimmy Patronis said in a statement that the cryptocurrency chief will not only help keep the citizens of the state from harm’s way but will also help the state in understanding the risks and potential benefits of using crypto technologies. Bill Galvano, Senate President, also supported Patronis’ decision by saying that the state should be one step ahead in protecting its residents from scams along with being on the forefront of emerging trends.
Also worth mentioning is that this isn’t the first such position created inside the government of the United States. Just during the start of this June, U.S. Securities and Exchange Commission (known as SEC) also created this position. The senior advisory position created by the SEC will reportedly be taken by Valerie A. Szczepanik. Szczepanik will manage the securities regulation of the crypto scene in this part of the world. Valerie A. Szczepanik is going to be coordinating efforts across all the divisions and offices of the SEC to implement securities laws to all the emerging digital emerging asset innovations and technologies. These will also include ICOs and cryptocurrencies being traded in the country.
While the whole idea of cryptocurrencies was to be an unregulated entity, many believe that this is actually a good idea because letting a whole industry go unchecked could be deemed as pure anarchy. In the current time – which is full of scams and frauds – it seems to be a good idea to regulate the crypto industry in the country to some extent.