C F O Patronis' Weekly Rundown newsletter
DFS Homepage | Past Issues | PDF Volume 15 | Number 24 | June 29, 2018

Floridians,

With the emergence of cryptocurrency and Bitcoin in Florida, I have directed my office to create a position that will oversee how current securities and insurance laws apply to Initial Coin Offerings (ICOs) and cryptocurrencies as well as shape the future of these regulations in our state.

CybersecurityI use various forms of technology every day, as most of us do. We must be aware of the threats and dangers that exist in today’s digital world. Technology is intertwined into our lives. We depend on it, but we are vulnerable if security mechanisms fail.

My office is on top of emerging trends like cryptocurrency and the use of Bitcoin so that we can help protect you from the scam threats that exist today. 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. My goal is to keep pace with demand and not deter innovation while monitoring for fraudulent behavior and scams.

Protecting Floridians is a top priority for me, and I will continue to do everything possible to safeguard your financial future.

Sincerely,

Jimmy
Jimmy Patronis
Chief Financial Officer
State of Florida

Stay Connected
Twitter Facebook
Increase Text Size
A A A


News of Interest

PYMNTS.com: Bitcoin Daily: Ex-Regulators Join Crypto Ranks

Cryptoslate.com: Florida to Appoint Crypto Chief to Oversee ICOs

Alt Coin: Florida Appoints Crypto Czar to ‘Scrutinize’ and Regulate Digital Currency

Florida Trend: CFO Jimmy Patronis: Florida Needs Cryptocurrency Oversight

Econotimes: Florida Set to Create Position to Supervise Crypto Industry

Kaplan Herald: Florida is creating its own Crypto Czar


Florida Needs Cryptocurrency Oversight

Cryptocurrency Oversight Initiative Receives Support from Senate President-Designate Bill Galvano

Florida Chief Financial Officer (CFO) Jimmy Patronis on Tuesday released a statement on the need for Florida to provide oversight of the growing industry of cryptocurrency by creating a statewide cryptocurrency chief.

CFO Jimmy Patronis said, “Florida can no longer remain on the sidelines when it comes to cryptocurrency. I have directed my office to create a position that will oversee how current securities and insurance laws apply to Initial Coin Offerings (ICOs) and cryptocurrencies as well as shape the future of these regulations in our state. ICO and cryptocurrency companies based in Florida will also be required to register with the Office of Financial Regulation (OFR) under the supervision of the cryptocurrency chief. The new position will coordinate the efforts of OFR and Office of Insurance Regulation (OIR) regarding the development of policy, legislation and regulation.

Cybersecurity"The Alabama Securities Commission recently sent a cease and desist order to Platinum Coin from Miami to prohibit the company from issuing securities within Alabama. Other states have identified and are taking action against bad actors in the cryptocurrency industry. Florida must also protect our residents.

“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.

“Cryptocurrencies are becoming increasingly accepted as forms of payment for many transactions across the state, including by government entities. The Seminole County Tax Collector announced that the office will accept bitcoin as payment for property taxes, identification cards and license plates.

“The establishment of a cryptocurrency chief in the state will help protect Floridians from scams. Understanding the risks and benefits of this emerging industry will benefit Florida consumers. My goal is to keep pace with demand and not deter innovation while monitoring for fraudulent behavior and scams.”

Senate President-Designate Bill Galvano championed the idea stating, “As technology continues to develop, our state needs to be both on the forefront of emerging trends and ahead of the game when it comes to protecting consumers from those who want to scam our residents. I applaud CFO Patronis for putting innovative proposals forward and will work with him on any forthcoming policy changes."


Florida Economic Briefs

Florida consumers are optimistic and ready to shop
Floridians are feeling pretty good about the economy and are ready to shop, according to a monthly study released Tuesday by the University of Florida. The university’s consumer index for May was at a high level it has reached only twice in the last 16 years, the first being in January, the UF Bureau of Economic and Business Research said. The index rose 2.6 points in May to 100.6 from 98 in April. It was the second reading over 100 since March 2002.
Source: UF Bureau of Economic and Business Research

Moody’s upgrades Florida to its highest credit rating
Moody's Investors Service announced it is upgrading the state of Florida to its highest credit rating, citing "sustained" improvement in the state's economy and a "proven track record of rebounding from severe weather events." The rating agency said that the state's finances have been "characterized by healthy reserves and historically strong governance practices and policies that are expected to continue." It also noted the state's low state debt and pension ratios, job growth and positive long-term prospects, despite its aging population. Florida's (Aaa stable) recovery from the great recession has been sustained and robust, with economic and employment growth consistently outpacing the U.S. over the last five years and mitigating challenges posed by an aging population base. Florida's strong fiscal management practices and healthy reserves will allow it to weather the impact of future downturns.
Source: Moody's Investors Service

Americans’ wealth surpasses $100 trillion
Americans’ wealth surpassed the $100 trillion mark for the first time in early 2018, as rising home prices offset the hit to households’ assets from a stock-market swoon in the first quarter. Household net worth — the value of all assets such as stocks and real estate minus liabilities like mortgage and credit-card debt — rose by one percent from the previous quarter, or more than a trillion dollars, to a record $100.768 trillion, according to a report released by the Federal Reserve in June.
Source: Federal Reserve

Legal Notices | Florida Department of Financial Services © 2012