Darren Soto, an American attorney and politician from Orlando, Florida, who is the US Representative for Florida’s 9th district, in a recent interview on Thursday, Jan. 10th 2019, said that all cryptocurrencies and other digital assets should be left under the jurisdiction purview of US Commodity Futures Trading Commission (CFTC) and US Federal Trade Commission (FTC), and not under the regulation of US Securities and Exchange Commission (SEC).
Outlining, Soto said that there must be clarity in the regulator’s jurisdiction, and much fine-grained & detailed classification for cryptocurrencies. The congressman also argued that bringing the cryptocurrencies under the purview of federal securities laws can be more harming, as anything which is not truly security and brought under the regulator’s control can be very intense and even hurtful for the markets.
Continuing, he said that it’ll be good for all to save the SEC for true securities, as with them its predominantly known that they are commodities and currency transactions. Calling, the CFTC and FTC, as agencies with a lighter touch, he said that these agencies have the industry’s grown consensus that they’d appropriate for the majority cryptocurrency transactions.
Last year on Dec. 6th, Soto, a Democrat, along with Ted Budd, a Republican and a US Representative for North Carolina’s 13th congressional district, in a bipartisan effort, introduced two new cryptocurrency bills before the House of Representatives, in an attempt to establish a robust and crypto-friendly regulatory framework in the nation.