The Mayor of Miami is at the convention. Joe Raedle is a photographer.
Joe Raedle is a photographer.
The mayor of Miami asked city leaders across the US to sign a pact to tackle inflation and foster innovation.
In his acceptance speech for the position of president of the US Conference of Mayors on Monday, he said that the rate of tech disruption is speeding up and that cities need to embrace it.
He said that he would ask his friends, his brothers and sisters, the mayors of this country to sign on to a mayor's compact because they need to lead in the absence of leadership. We need to make sure that a generation of prosperity and innovation is not lost because of a lack of innovative spirit.
Even as it ballooned to new heights last year, regulators have been cautius on the space.
"We need to make sure that our regulatory system embodies success into the future, instead of stifling success," said the speaker. He didn't say what the compact would include.
The lack of investor protections has made the US Securities and Exchange Commission hesitant to approve products such as bitcoin exchange-traded funds. The 1940 law that allowed for it was cited by the SEC as the reason why they allowed several bitcoin futures to begin trading last year.
Congress has questioned industry leaders on the technology, but has yet to take action with legislation. One of the first attempts at creating broad rules for cryptocurrencies will be made by Wyoming Senator Cynthia Lummis, who plans to introduce a comprehensive bill in the new year.
Miami has relied on the use ofcryptocurrencies to fight inflation, which is at a nearly 40-year high.
He said that people are losing purchasing power every single day and are looking for alternative investments.
Miami is being built up as a hub for cryptocurrencies. The city has been chosen as the location for the headquarters of tHe companies. The FTX Arena was the new name for the Miami Heat's stadium. The city has established a city currency that will pay its residents a bitcoins yield.
Business Insider has an original article.
