United States congressman Darren Soto stated that most cryptocurrencies should not be regulated under the Securities and Exchanges Commission (SEC), to news channel Cheddar.

Instead Soto believes that crypto should be overseen by the Commodities and Futures Trading (CFTC) and Federal Trade Commission (FTC) and not be classified as securities.

Soto, a Democrat, spearheaded a bipartisan effort together with congressman Ted Budd last winter to promote a robust and crypto-friendly regulatory environment in the country.

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