House panel votes to deregulate crypto trading

The value of the coin may drop for now, but some lawmakers want Florida to buy the dip.

Action to change how the Sunshine State should regulate virtual currencies (HB 273) – and the reversal of a previous court decision – ready for the floor of the House of Representatives. The House Commerce Committee voted unanimously in favor of the measure on Wednesday, preparing the bill for consideration by the full chamber.

The House of Representatives unanimously approved a similar bill last season, although the bill later died in the Senate. Miami Republican delegate. Vance Alopis He doubled down by introducing the bill again, and the proposal garnered unanimous support so far.

The bill will help clear up some of the confusion after the 2019 ruling in Florida vs Espinosa, which contravened guidance from the Office of Financial Regulation (OFR) and found that individuals who own bitcoin and other cryptocurrencies cannot sell them without a license.

“Whether you believe in virtual currency and are a home miner – like a rep. (Randy) Magard — Or you think it’s a fashion, it’s really an irrelevant conversation because the truth is it’s an industry, and right now under Florida law, there’s not much that can be said about how this industry is regulated,” Alobis said.

The legislation will make it clear that only brokers, such as a platform that enables cryptocurrency transactions, need a license to transfer funds. The change will make it clear that individuals seeking to sell cryptocurrency are not subject to licensing requirements.

When transferring cryptocurrency, brokers also will not need to hold cash and other assets equivalent to the value of the cryptocurrency.

In addition, the measure will better define the cryptocurrency to open up a clearer regulation of state officials.

OFFR . Commissioner Russell Weigl He indicated his support for the bill, which will take effect in 2023. Aloupis said Weigel’s office has received more than 70 comments about how the industry is regulated.

Republican Senator for Sanford. Jason Broder is the new sponsor of this session’s Senate bill (SB 486). Republican Senator in St. Petersburg. Jeff Brands The measure carried out the last session. The bill passed two of the three Senate committees unanimously in the last session before it died in the Rules Committee.

Browdor’s bill passed its first of three committees last week. After that, it is directed to the Senate Subcommittee on Agriculture, Environment and General Government.

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