Miami Mayor Francis Suarez said he is still getting paid in bitcoin and added that he continues to buy the first cryptocurrency. He noted that being mayor is not his only source of income, as he also works as a lawyer and in private equity.
“Web3 and cryptocurrency aren’t going anywhere. Sometimes we just have to breathe, right? We have to remember that this technology is new. Not every iteration will be successful. Not every company will succeed,” he added.
Suarez called for proactive regulation that could protect people from fraudulent schemes but would not hurt the industry.
“If the leaders who came out of this winter come together and help lawmakers find the right regulatory guidelines to make sure this technology helps people, increases democratizing opportunities for investment and wealth creation, and doesn’t hurt people or rob them of their labor and savings. We have a lot to learn,” he said.
He also emphasized that the city did not hold any funds on FTX.