Mayor Suarez Serious About Making Miami A Crypto/Blockchain Epicenter
A few weeks back I wrote about the Mayor of Miami and how he is hot onto the trail of cryptocurrency. He has big plans for the city in terms of its level of involvement with technology firms that are involved with cryptocurrency.
It seems his aspirations are much higher than just the city. He is working with state representatives to get them on board with his ideas.
WE WANT TO MAKE SURE THAT THERE IS NO CITY OR STATE THAT HAS MORE FAVORABLE LAWS AND REGULATIONS.
Suarez is intent of establishing a legal framework that will attract companies from all over the company. But that is just the tip of the iceberg.
The mayor is heading into a full court assault on Bitcoin, crypto, and blockchain adoption. He is intent on drawing industry to South Florida and is going to head across the board to get to that point.
Some of his ideas are to fully fund his re-election campaign in Bitcoin. He also is proposing that the city not only accept payment for taxes and fees in Bitcoin, but hold part of the reserve in the currency.
Even noted crypto advocate Anthony Pompliano is impressed by Suarez's approach.
“I’ve been impressed by his intellectual curiosity, along with his open minded approach to creating an environment for founders and investors,” Pompliano said over email. “It is a no-brainer for Miami to continue working to become the top crypto hub in the United States.”
Having an advocate heading up one of the larger cities in the United States can only help with the push forward for cryptocurrency and blockchain. Since the city is located in a state without an income tax, the appeal to many of the firms in Silicon Valley is not lost on them. They realize how onerous things are becoming, hence why firms like Oracle are heading Texas.
Miami is also doing a terrific job of attracting the financial world. Some are already dubbing it Wall Street 2.0 since many firms located south from the New York Area. The joining of financial firms with technology companies will only serve to push things further along.
For now the Mayor is talking to anyone who can offer insight into the world of cryptocurrency. This is the first stage of getting things accomplished. It would not be surprising to see a vote cast by city council with regards to some ideas such as paying employees in Bitcoin or putting some of the reserve in that cryptocurrency.
Unlike most governments, this Mayor seems intent on moving along at a rapid pace. He sees the opportunity presented to attract a large number of firms to his city. This will only enhance the growth rate, bringing in a great deal more money.
He is also intent on making sure the regulatory environment does not stand in the way.
This includes “making sure” there’s a regulatory environment for businesses to become chartered banks, like Kraken or Avanti, as well as welcoming crypto exchanges to operate in the city. Suarez said he’s looking at “Wyoming’s legislative structure” – he’s been in touch with Caitlin Long, that state’s pioneer – and “New York’s regulatory structure.”
“Imitation is the highest form of flattery,” Suarez offered, when pressed for details. The bill is still being written, though could be part of the legislative session beginning in March. That said, this type of regulatory broadside could be difficult to pull off in a month, even if sponsored by Senate and House representatives in the state. Suarez didn’t comment who these cosigners might be.
This guy is serious about getting a jump start on everyone else. He is also pushing the State of Florida to look at adopting these measures. Wyoming is the most crypto friendly state in the country right now. While it did well to attain that title, it has little else to offer.
If Florida is throwing the hat in the ring, this could really be a major shift. It is one of the larger states in terms of population in the nation. It also has a lot of industry, especially in the aerospace and defense arenas. Overall, it is favorable business environment which will help to attract the different firms.
In short, unlike Wyoming, Florida has some clout in Washington D.C. This could ultimately put even more pressure on the Feds to open up to cryptocurrency.
It all starts with an aggressive Mayor who sees the vision. Once the ball is set in motion, it can only speed up from there.
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