US House of Representatives member Darren Soto spoke on the subject of crypto regulations in an interview with Cheddar, saying that, from his point of view, crypto aren’t securities and therefore should not be subject to SEC control.
On the contrary, for Soto they are goods, commodities or currencies, so the federal bodies that should be delegated to their control would be the Commodities and Futures Trading Commission (CFTC) and the FTC, which deal with the regulation of futures markets and goods. For Soto, therefore, the SEC should be occupied with crypto regulations.
In addition, the deputy spoke of the prevalence of the dollar on international markets. So far, this has allowed the world economy to be at the centre of the global financial system, but the birth of crypto, among other factors, is likely to put this position at risk.
Therefore, for Soto, it is necessary to introduce a regulation that is sufficiently flexible to allow an adequate advancement of the sector in the US, also from the technological point of view, to allow the country to maintain an adequate role of global leadership.
Darren Soto’s statement is relevant not only because he is a member of the House of Representatives, but also as a politician who is an expert in economics and law, with a doctoral degree from George Washington University. His opinion certainly has some technical value.
Recently, the Midterm elections saw two pro-crypto candidates win the important positions of Governors of the states of California and Colorado.