Michael Bloomberg (founder of Bloomberg Terminal), billionaire and U.S. Presidential Candidate for the Democratic Party, has called for financial reform to help the economy truly recover from the 2008 financial crisis, and as a part of that plan has proposed a “clear regulatory framework for cryptocurrencies”.
Cryptocurrencies have become an asset class worth hundreds of billions of dollars, yet regulatory oversight remains fragmented and undeveloped.”Michael Bloomberg, CryptoGlobe
With the ICO scams, exchange hacks, fraud and bad memories of Silk Road and criminal activity that still plagues the cryptocurrency industry, Mr Bloomberg wants to protect the American consumer from being taken advantage of.
He does endorse that there is great potential with Bitcoin, blockchain, ICOs, etc but that the government needs to have regulatory oversight for consumer protection, anti-fraud, anti-terrorism as well as for tax considerations.
In an effort to ensure America remains the centre of global ingenuity, his campaign promises to “promote healthy competition in financial services by creating a “regulatory sandbox” where startups can test concepts, and by providing a clear regulatory framework for cryptocurrencies.“
The plan includes:
- Outlining which agencies are responsible for overseeing the space,
- Creating a framework to clarify when tokens are securities,
- Clarifying the tax regime, and
- Defining the requirements for financial institutions in the space
The above list seems very in-line with the Cryptocurrency Act 2020, and I’m sure that that is where he got his proposal from. To appear as an attractive Presidential Candidate he no doubt must appear at the forefront of advancing technology while protecting the poor American people. Whatever, his motivations are, as long as his government provides a clear outline for cryptocurrency regulation so the cryptocurrency industry can finally thrive in the USA is all most investors care about.
Bloomberg is not the first Presidential Candidate to endorse cryptocurrency regulations. His former counter-parts, Andrew Yang and Eric Swalwell (both Democratic candidates who have withdrawn their candidacy), also spoke positively regarding cryptocurrency regulations.
Please leave a comment with your thoughts on this presidential candidate and his positive stance on cryptocurrency regulations.
- Crypto Globe, US Presidential Candidate Michael Bloomberg Proposes Clearer Crypto Regulations
- Coin Desk, US Presidential Contender Michael Bloomberg Proposes ‘Clear Regulatory Framework’ for Crypto
- Mike Bloomberg 2020, Financial Reform Plan
- Crypto Potato, US Presidential Candidate Bloomberg Suggests Cryptocurrency Regulation To Help Prevent Another Financial Crisis