Presidential candidate Michael Bloomberg has proposed the creation of a regulatory framework for cryptocurrencies in a new financial regulation plan.
Bloomberg’s campaign office released a financial reform plan on Tuesday. It has greater consumer protection measures and a stronger financial system. Specifically, the proposal suggests the need for financial institutions to monitor risk exposure, recording all financial transactions in a centralized database. Consolidation of the Consumer Financial Protection Bureau and a number of other recommendations. The proposal also recommends the creation of a regulatory sandbox for startups and “providing a clear regulatory framework for cryptocurrencies”.
“Cryptocurrencies have become an asset class worth hundreds of billions of dollars, but regulatory oversight remains fragmented and undeveloped. For all the promise of blockchain, bitcoin and initial currencies, there are a lot of exaggerations, frauds and criminal activities as well, “
is mentioned in the financial plan.
Presidential candidate Michael Bloomberg proposes legislationlanyard and protection for cryptocurrency users
Bloomberg recommends clarifying the responsibilities of regulators for crypto space surveillance. It also proposes the creation of a framework to clarify when tokens are securities and “protect consumers against cryptocurrency fraud”.
It also supports clarifying the tax regime and defining requirements for financial institutions in the area.
The topic of cryptocurrencies has begun to be approached by candidates for US presidency, including Eric Swalwell and Andrew Yang. But both withdrew from the race on the way.
Bloomberg, the former mayor of New York City and founder of Bloomberg LP (the company behind Bloomberg News Magazine), entered the presidential race in November 2019.
Despite its late entry, Bloomberg has invested hundreds of millions of dollars in advertising campaigns. Currently, he has gained about 16% of the votes of Democrats, enough to take second place on the national stage.
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