US Representative Soto: Most Cryptos Need CFTC’s Light Touch, Not SEC Oversight

United States congressman Darren Soto has said that most cryptocurrencies should not be regulated under the country’s securities regulator. Soto made his comments in an interview with financial news channel Cheddar on Jan. 10.According to Soto, crypto should be overseen by the Commodities and Futures Trading Commission (CFTC) and Federal Trade Commission (FTC) — rather than classed as securities under the Securities and Exchange Commission (SEC)’s charge.Soto, a Democrat, is a member of the U.S. House of Representatives for the 9th District of Florida, and spearheaded a bipartisan effort together with congressman Ted Budd this winter to promote a robust and crypto-friendly regulatory environment in the country.Advocating for the need to establish agencies’ jurisdiction with more clarity and to create fine-grained classifications for cryptocurrencies, the congressman argued that applying federal securities laws “can be very intense and hurt the market unless it is truly a security.”He then outlined:“We’ll be saving…

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