- Florida Congressman Darren Soto is working with the Blockchain Caucus.
- Soto wants Kamala Harris to recognize the importance of digital assets.
- Soto also seeks to pursue Harris to overturn SEC’s SAB 121.
Attorney and Southern Democrat Darren Soto, who is also the US Representative for Florida’s 9th district, aims to put crypto regulation on the agenda of the current Vice President and Presidential candidate Kamala Harris in collaboration with his colleagues at the Blockchain Caucus.
As pointed out by Fox Business journalist Eleanor Terrett in a post on X, the Blockchain Caucus and Soto are working to persuade Harris to focus on crypto and implement three major reforms for the betterment of the digital asset space in the United States.
The first concern that Soto wants the Harris administration to focus on is overturning the US Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin 121 (or SAB 121), which requires publicly traded financial institutions to hold digital assets on their own balance.
The SAB 121 contradicts a basic rule of bank custody, said Mike Flood, the US representative for Nebraska’s 1st congressional district, the rule being that bank custodial assets are always held off-balance sheet. Flood added:
“Whether you love crypto or hate crypto, digital assets are here to stay. We need to ensure American investors receive the same protections they would with any other asset class.”
Further, Soto also wants Harris to work with Congress in passing a clear and concise framework for regulation of digital assets in the US. The Florida representative wants Harris to pass Financial Innovation and Technology for the 21st Century Act (FIT21) and work with Congress to pass a final bill to establish clear rules for the sector.
Finally, Soto also seeks to make Harrish realize the importance of cryptocurrencies and how they have the power to transform the remittance industry and break through barriers in the traditional finance sector. According to Polymarkets, Donald Trump, the crypto-friendly Republican contender for the 2024 presidential election, trails behind Harris with just a 45% chance of winning. In contrast, Harris is leading with a 54% chance of securing victory.
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