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All over the world, countries and governments are discussing how exactly cryptocurrencies should be regulated. There are some countries that feel that regulation should be minimal, in order to promote innovation, and other governments that are more focused on ensuring that the cryptocurrency sector is not rich in fraud and criminal activity.
In line with this debate, a member of the United States Congress with the name of Darren Soto, a Florida Democrat, expressed his opinion. Specifically, he said he believed that the cryptocurrency should not be regulated by the Securities and Exchange Commission (SEC).
Different agencies
19666995 – rubber stamps marked with regulations and rules
In particular, Soto believes that cryptocurrencies and digital resources should be regulated by the Commodity Commodity Trade Commission (CFTC), not the SEC. For those who are not familiar, the SEC regulates the titles, while the CFTC regulates the raw materials. Both agencies are independent agencies of the US federal government, although the CFTC was founded in 1974, decades after the SEC, established in 1934.
Of course, at the center of the problem is whether a cryptocurrency is a security or not. This continues to be debated all over the world. In the United States, the The SEC has declared that Bitcoin, for example, may not be a security, but that initial coin offerings (ICOs) are not exempt from securities laws.
About Soto
Soto talked about the fact that the United States does not have a clear regulatory framework for the cryptocurrency industry. In fact, he introduced the Token taxonomy law at the end of last year together with Congressman Warren Davidson to tackle this problem. Soto also helped to introduce a legal address manipulation of cryptocurrency prices, also.
Soto has made clear that he believes the SEC could be too harsh for the industry and believes that a "lighter touch" may be needed. He recently stated: "Those are agencies with a lighter touch and we have grown in consensus among the industry that would have been appropriate for most of these types of cryptocurrency transactions and the nature of these activities."
