Florida legal power Darren Soto urges Vice President Kamala Harris to lamp cryptocurrency regulation, seeking to rebuild the sector.
Soto’s objective is to reverse the SEC’s SAB 121 for improved regulatory guidance with altcoins.
Soto is optimistic about cryptocurrencies’ impact on the remittance business, which led him to push for legislation to pursue economic progress.
Darren Soto, Florida's ninth district U.S. Representative and Blockchain Caucus member, is pushing for a dramatic change in cryptocurrency industry regulation in the United States. As a Southern Democrat and lawyer, Soto is now seeking support from Vice President and Presidential nominee Kamala Harris to prioritize crypto regulation efforts. He, along with Blockchain Caucus members, aims to eliminate certain existing rules and establish a comprehensive framework for digital asset management.
https://twitter.com/EleanorTerrett/status/1823891910765040091
Another significant concern for Soto is the U.S. Securities and Exchange Commission's Staff Accounting Bulletin 121, which mandates public financial institutions to report digital assets in their financial statements. Critics argue that this rule violates the norm of custodial assets not being included in the balance sheet, as highlighted by Nebraska U.S. Representative Mike Flood.
Flood emphasizes the importance of treating cryptocurrencies similar to traditional investments, offering American investors the protections they deserve, despite hopes that digital assets will vanish, given their widespread adoption and investment interest.
Promoting Clear Laws and Cryptocurrency Potential
Soto believes cryptocurrencies will revolutionize the money remittance business.These currencies are lauded for making financial transactions easier and more affordable.
Soto is actively advocating for Harris to coordinate with Congress on the FinTech legislation, including endorsing the Financial Innovation and Technology for the 21st Century Act (FIT21). This act provides a legal framework to govern digital assets and spur economic growth.
According to Soto, defined market rules will push advancements in digital asset technologies while safeguarding the buyers and investors and maintaining competitiveness with other countries in the United States market for digital assets.
With the 2024 Presidential elections fast approaching, political affirms on regulating cryptocurrencies from contenders are arising. Although former President Donald Trump had positive sentiments towards cryptocurrencies, Kamala Harris now has a higher approval rating. That is why it is essential for the industry and stakeholders that Soto has been trying to alter her opinion about cryptocurrencies.
The post Darren Soto’s Vision for Crypto Regulation: Why He’s Turning to Kamala Harris appeared first on Crypto News Land.