The US Senator Darren Soto said that almost allcryptocurrency should not be regulated in accordance with regulations of the securities regulator.
Darren Soto gave his remarks in an interview with Cheddar financial news channel on January 10.
According to Mr. Soto, cryptocurrency needs to be monitored by the Commodity and Futures Trading Commission (CFTC) and the Federal Trade Commission (FTC) – instead of being classified as securities under the Securities Exchange Commission’s charge Stock (SEC).
Mr. Soto, a Democrat, is a member of the US House of Representatives for District 9 of Florida. He and Senator Ted Budd have led a bipartisan effort this winter to promote a legal environment which is strong and friendly with pre-coding in the United States.
He said: “We will save the SEC for real securities. CFTC and FTC are lighter-relevant agencies and we have strengthened the consensus that they are compatible with most of these types of pre-coding transactions and the nature of these assets. “
He also gave his comments: “Sometimes we have argued that the US dollar is the foundation of the world economy and how to create stability as well as advantage. When pre-coding is used more, that advantage can be lost. We are very active and a fertile place for pre-coding transactions and for technology companies here.
Because the United States currently does not have any single regulatory authority overseeing the pre-coding rules, many managers have debated whether it is more accurate to link pre-coding with goods or stock.”
CFTC identified a number of pre-coding as commodities – most notably Bitcoin (BTC).
Meanwhile, a number of US well-known regulators have argued that most tokens sold through ICO services will be regarded as securities. For its part, the Internal Revenue Service has recommended that they have decided to consider encryption as an asset for federal tax purposes.