Florida To Open A Cryptocurrency Oversight Initiative Position For User Protection Soon

States are responding differently to the cryptocurrency industry. When it comes to Florida, it is considering creating a governmental position dedicated to providing oversight to the cryptocurrency industry.

The mastermind behind the position is Jimmy Patronis, who currently is the state’s CFO who supervises the Department of Financial Services and the State Fire Marshal. The position he’s suggested will work to administer the application of existing securities and insurance laws related to ICOs. The person in the position will also handle the regulatory framework of cryptocurrency in the state.

Additionally, the person in the position will work on coordinating the state’s Office of Insurance Regulation and the Office of Financial Regulation. These policies will further influence the regulatory framework.

According to Patronis,

“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 balance approach, our state will provide an appropriate level of scrutiny for emerging digital asset technologies. It is absolutely essential hat Florida create safeguards to protect consumers from fraud.”

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