The chief financial officer of the state of Florida, Jimmy Patronis, announced today 26 June 2018 that a cryptocurrency chief will be appointed to provide oversight for the growing cryptocurrency industry. Florida is the southernmost state in the continental United States and has 21 million people. The gross domestic product (GDP) of Florida is USD 1 trillion, indicating it has a larger economy than most countries.

“The establishment of a cryptocurrency chief in the state will help protect Floridians from scams,” said Patronis.

Past instances of cryptocurrency fraud are the primary reason for the appointment, with Patronis saying:

“We cannot allow the cryptocurrency industry to expand in Florida unfettered and unchecked with the potential for so many, including our large population of seniors, to be exploited. By taking an active, comprehensive and balanced approach, our state will provide an appropriate level of scrutiny for emerging digital asset technologies. It is absolutely essential that Florida create safeguards to protect our consumers from fraud.”

One example is Cryptsy, which used to be one of the most popular exchanges for alternative cryptocurrencies. The Florida-based firm went into bankruptcy and the owner fled to China. Also, the Bitconnect Ponzi scheme defrauded many Floridians and has resulted in at least five lawsuits in the state. The announcement specifically mentions that Platinum Coin, based in Miami, got a cease and desist letter from Alabama for selling unregistered securities.

Craig Wright, who has been thought to be Satoshi Nakamoto, is embroiled in a lawsuit for BTC  1.1 million in the United States District Court of the Southern District of Florida. This is the biggest Bitcoin lawsuit in history, and the information in the lawsuit gives evidence that a Floridian helped write the Bitcoin whitepaper and mined the first Bitcoins.

Patronis indicates that the new cryptocurrency chief will not deter innovation and expansion of cryptocurrency in Florida but strengthen the cryptocurrency industry in Florida by weeding out scammers.

 

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