Who?
Rep. Darren Soto (D-FL) — Agriculture and Energy & Commerce Committees
LISTEN: Laslo & Soto
Ask a Pol asks:
How meaningful is the Financial Innovation and Technology for the 21st Century Act (aka, the FIT Act)?*
*The FIT Act passed the US House by a vote of 279-136 Wednesday.
Key Soto:
“Any opportunity we can have to try to get some regulatory certainty in a House vote is a meaningful act, even though we'll still need to negotiate with the Senate on the final bill,” Rep. Darren Soto exclusively tells Ask a Pol.
Caught our ear:
“But we see a lot of crypto firms that are probably going to move to Europe because they have more regulation — because they have better regulatory certainty. That is rarely something that ever happens,” Soto says. “So that should be an obvious call to make sure we establish certainty and regulatory certainty in the United States so we don't lose these firms.”
Follow-up:
Is this vote a signal that your colleagues are getting digital assets? Or is it still an uphill battle to even get this on most member’s radars?
“I think it’s a signal,” Soto tells us. “You see enthusiasm among a lot of folks who are both holders of cryptocurrency and folks who work in related industries. So I definitely think it's worthy to get the ball rolling.”
Below find a rough transcript of Ask a Pol’s exclusive interview with Rep. Darren Soto (D-FL), slightly edited for clarity.
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TRANSCRIPT: Rep. Darren Soto
SCENE: Ask a Pol’s Matt Laslo catches up with Rep. Darren Soto as he’s walking back to his office from the US Capitol mere minutes after the US House of Representatives overwhelmingly passed the Financial Innovation and Technology for the 21st Century Act — the FIT Act — Wednesday.
Matt Laslo: “This digital asset measure on the floor — meaningful? I know there's other bigger measures…”
Rep. Darren Soto: “You talking about FIT?”
ML: “Yeah. Just getting a vote on anything digital assets…”
Soto greets two Capitol Police officers standing guard at a temporary metal barrier that goes up when the House is voting.
DS: “So, look, any opportunity we can have to try to get some regulatory certainty in a House vote is a meaningful act, even though we'll still need to negotiate with the Senate on the final bill. But we see a lot of crypto firms that are probably going to move to Europe because they have more regulation — because they have better regulatory certainty.”
ML: “Yeah.”
DS: “That is rarely something that ever happens.”
ML: “Right?”
DS: “So that should be an obvious call to make sure we establish certainty and regulatory certainty in the United States so we don't lose these firms.”
ML: “Are your — like, is this vote a signal that your colleagues are getting that? Or is it still an uphill battle to even get this on most member’s radars?”
DS: “I think it’s a signal.”
ML: “Yeah?”
ICYMI — Ask a Pol’s exclusive w/ Elizabeth Warren
DS: “You see enthusiasm among a lot of folks who are both holders of cryptocurrency and folks who work in related industries. So I definitely think it's worthy to get the ball rolling.”
ML: “Yeah?”
DS: “Most of these are commodities, so the CFTC does play a key role in it. Unless a cryptocurrency is going to convert to a stock, then it should be regulated by the CFTC.”
ML: “Yeah?”
DS: “And the and this is the first crack at it. It'll have to evolve over time, too. Necessarily.”
ML: “Yeah. I'll be watching.”
DS: “Okay.”
ML: “Preciate ya, sir.”
Matt Laslo’s a veteran congressional correspondent, new media prof. & founder of Ask a Pol — a new, people-powered press corps.
Ask a Pol — asking your lawmakers your questions at your US Capitol.
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EXCLUSIVE — Rep. Soto: House passage of FIT Act a "signal” Congress waking up to crypto