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Soto Thinks CFTC Should Regulate Crypto

All over the world, countries and governments are debating about how exactly cryptocurrencies should be regulated. There are some countries that believe that regulation should be minimal, in order to foster innovation, and other governments that are more focused on ensuring that the cryptocurrency sector isn’t rife with fraud and criminal activity.

In line with that debate, a U.S. Congressman by the name of Darren Soto, a Democrat from Florida, has weighed in with his opinion. Specifically, he stated that he believes that cryptocurrency shouldn’t be regulated by the Securities and Exchange Commission (SEC).

Different Agencies

19666995 – rubber stamps marked with regulations and rules

Specifically, Soto believes that cryptocurrencies and digital assets should be regulated under the U.S. Commodity Futures Trading Commission (CFTC), not the SEC. For those who are unfamiliar, the SEC regulates securities, while the CFTC regulates commodities. Both agencies are independent agencies of the United States federal government, although the CFTC was founded in 1974, decades after the SEC, which was created in 1934.

Of course, at the center of the issue is whether or not a cryptocurrency is a security. This continues to be debated across the world. In the United States, the SEC has stated that Bitcoin, for example, might not be a security, but that initial coin offerings (ICOs) aren’t exempt from securities laws.

About Soto

Soto has been vocal about the fact that the United States doesn’t have a clear regulatory framework for the cryptocurrency sector. In fact, he introduced the Token Taxonomy Act late last year along with Congressman Warren Davidson in order to address this issue. Soto has also helped to introduce a bill addressing cryptocurrency price manipulation, as well.

Soto has made it clear that he believes that the SEC might be too tough on the sector, and believes that a “lighter touch” might be necessary. He recently stated: “Those are agencies with a lighter touch and we have grown consensus among the industry that they’d be appropriate for the majority of these types of cryptocurrency transactions and the nature of these assets.”

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Crypto Critic Elizabeth Warren Running For President

One reality of the world is that not everyone will agree with your opinion. Over time, we have seen that entrepreneurs and politicians of all kinds have offered their perspective on cryptocurrencies, some of them more positive than others. In addition, there are other individuals that have slammed cryptocurrency publicly, even before understanding it.

One politician that has been particularly critical of cryptocurrency is Elizabeth Warren, a United States senator from Massachusetts. However, it is important to note that Warren has much more of a higher profile than many other politicians. She has now officially announced that she will be running for President of the United States in 2020.

About Warren

The fact that Elizabeth Warren has criticized cryptocurrency shouldn’t be too surprising, as she has been a critic of the financial sector in general. Specifically, she has gone out of her way to criticize big banks and unregulated capitalism, and it could be argued that the decentralized nature of cryptocurrency is one of the reasons that Warren isn’t interested in the space. She has described cryptocurrency as “easy to steal” earlier this year.

Warren is one of the most prominent Democrats in the country, so the announcement did not come as a complete surprise to those who follow politics. She has also been a vocal opponent of Trump, as well, previously calling him a “racist bully” and “wannabe tyrant”. Warren is also well-known for proposing the creation of the Consumer Financial Protection Bureau in 2007, one of her most famous achievements.

About The Announcement

 

Warren officially announced an exploratory committee for a 2020 presidential bid, and she has proclaimed that she will “return Washington back to the people”. A video explaining the announcement was e-mailed to her supporters, where she stated that the government “had become a tool for the wealthy and well-connected”.

She not only promoted economic fairness, but racial equality, which is a far cry from Donald Trump, who many believe has normalized white supremacists and caused more racial tension in the United States since assuming office. However, it should be noted that many believe that her chances to actually become president are slim, with some suggesting that it could be the “end of her”.

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President Trump’s New Chief Of Staff Loves Bitcoin (BTC) and Blockchain

President Donald Trump of the United States has a tradition of making big announcements on the social media platform Twitter, and that certainly doesn’t seem to be changing, as he named Budget Director Mick Mulvaney as his acting chief of staff. Mulvaney will replace John Kelly as chief of staff, and Trump praised both of them in the announcement on Twitter. He called Kelly a “great patriot” while also stating that Mick Mulvaney had done an “outstanding job”. You can find the tweets from the president below:

 

 

Not The First Choice

It’s interesting to note that the White House has clearly been trying to replace John Kelly with various candidates that appear to have turned it down. There has reportedly been tension between Kelly and Trump for some time now.

However, it appears as though many established politicians turned down the job both publicly and privately when they were named as possible contenders for the job. For example, Rick Santorum, a former U.S. senator who previously ran for president, turned down the job on CNN. Chris Christie, the former governor of New Jersey who many believe was snubbed by President Trump once the president was elected, also declared that he is not currently interested, as reported by New York Times’ Maggie Haberman on Twitter:

 

Mulvaney: Proponent of Bitcoin

Interestingly enough, Mulvaney, who is currently the director of the U.S. Office of Management and Budget (OMB), has previously spearheaded the Blockchain Caucus. For those who are unaware, the Blockchain Caucus was created in early 2017 to come up with potential policy reform with regards to blockchain.

Mulvaney was replaced around the time that it was clear that he would he heading the OMB office by U.S. Representative David Schweikert. Mulvaney has previously stated about blockchain technology: “Blockchain technology has the potential to revolutionize the financial services industry, the U.S. economy and the delivery of government services, and I am proud to be involved with this initiative,” Mulvaney previously stated.

It is important to note that Mulvaney has been named chief of staff in a temporary capacity, and has not stepped down as the director of the OMB. Regardless, the chief of staff role does require fulfilling a variety of critical functions with regards to the office of President Trump, and time will tell whether Mulvaney’s new role will potentially mean some great news for the United States and cryptocurrency/blockchain regulation.