Jimmy T. Patronis Jr. the current Chief Financial Officer of the state of Florida recently made the following statements asking for the government of Florida to create the post of “cryptocurrency chief” to provide greater oversight to the state’s rising digital currency sector.
Jimmy Patronis, a former member of the Florida House of Representatives released a statement suggesting to Florida’s lawmakers to create a new governmental post assigned to oversee the state’s cryptocurrency industry. Just recently the Cryptocurrency Oversight Initiative got support from the Florida Senate President-Designate Bill Galvano, who said “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.”
In addition to that, the CFO stated “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.” Mr. Patronis continues by stating “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 the Office of Insurance Regulation (OIR) regarding the development of policy, legislation, and regulation.”
He insists that Florida must develop a “comprehensive and balanced” regulatory framework, stressing the need to protect citizens from malicious actors seeking to utilize distributed ledger technology. Mr. Patronis went on to state “We cannot allow the cryptocurrency industry 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.”
Mr. Patronis ended his statement by saying “The Alabama Securities Commission recently sent a cease and desist order to Platinum Coin from Miami to prohibit the company from issuing securities within Alabama. Other states have identified and are taking action against bad actors in the cryptocurrency chief in the state will help protect our residents. The establishment of a cryptocurrency chief in the state will help protect Floridians from scams. 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.”