United States congressman Darren Soto, a Democrat from the state of Florida, declared he thinks cryptocurrency, by its intrinsic traits, should be regulated in a soft way instead of the stringent regulations the Securities and Exchange Commission (SEC) wants to impose.

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Congressman Soto Thinks Light Touch is Better

Darren Soto, a Democratic congressman from the state of Florida, has offered his opinion on the subject of cryptocurrency regulation. He is in favor of cryptocurrencies being regulated in a light touch way instead of the how they are being treated right now.

Senator Soto stated he thinks better treatment for cryptos would be for them to be supervised by the CFTC (Commodity Futures Trading Commission) and the FTC (Federal Trade Commission) instead of under SEC supervision. “Securities laws can be very intense and hurt the market unless it’s truly a security,” Soto explained. “Overall, we hope to establish jurisdiction and classifications so we can bring confidence and clarity into the market.”

He continued declaring that while regulation is important, lack of clarity can cause confusion and ultimately push business out of the US. “We have sometimes taken for granted that the U.S. dollar is the foundation of the world economy,” he continued, “and how that creates stability and advantage. As cryptocurrency becomes more utilized, that advantage could go away. We need to make sure we are aggressive and a fertile place for cryptocurrency transactions and for technology companies to be here.”

To Soto, the kind of approach that the CFTC and the FTC would give to the issue will be much more appropriate, leaving the SEC to regulate true market securities.

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