Florida Is Creating Its Own Crypto Czar

Florida's chief financial officer has created a new "crypto czar" to oversee regulation of the cryptocurrency and ICO space.

Jun 26, 2018 at 6:15 p.m. UTC
Updated Sep 13, 2021 at 8:06 a.m. UTC

Florida is set to have its own cryptocurrency czar.

The Sunshine State's chief financial officer, Jimmy Patronis, said in a statement Tuesday that he has created a new position to supervise the state's cryptocurrency industry. He explained that the new overseer will be tasked with enforcing applicable regulations to protect investors from potentially malicious actors.

"Florida can no longer remain on the sidelines when it comes to cryptocurrency. I have directed my office to create a position that will oversee how current securities and insurance laws apply to Initial Coin Offerings (ICOs) and cryptocurrencies as well as shape the future of these regulations in our state," Patronis remarked.

Similarly, Patronis said that the position was needed in order to prevent any form of exploitative investment pitches. And while it's not clear when the position will be filled – or by whom – Patronis said that the steps to be taken are necessary ones.

Indeed, Florida has seen several lawsuits filed in connection with the BitConnect cryptocurrency scam, and the U.S. state was once the home of Cryptsy, the now-defunct exchange service that collapsed in early 2016 and resulted in allegations of fraud, a class-action lawsuit, and a multimillion-dollar judgment.

While he wants to "keep pace with demand and not deter innovation," Patronis added that "it is absolutely essential that Florida create safeguards to protect our consumers from fraud."

Cryptocurrencies image via Shutterstock

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
DeFi Trading Hub Uniswap Surpasses $1T in Lifetime Volume

Although traders still tend to favor centralized exchanges, the DEX is continuing to expand across Web 3.

Although traders still tend to favor centralized exchanges, the DEX is continuing to expand across Web 3.

CoinDesk - Unknown
2
CoinDesk - Unknown
Crypto Crime, Whiskey and Always Twirling, Twirling Towards Freedom

The best and brightest people can make truly stupid decisions and terrible predictions. What can we learn from them?

The best and brightest people can make truly stupid decisions and terrible predictions. What can we learn from them?

CoinDesk - Unknown
3
CoinDesk - Unknown
Bitcoin registra ocho semanas de pérdidas, pero el indicador de sentimiento sugiere un alza

Los indicadores de sentimiento tocaron fondo el lunes.

Los indicadores de sentimiento tocaron fondo el lunes.

CoinDesk - Unknown