CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$19,100.32
  • ethereum
    ETH$1,062.66
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    • Crypto Fund
    CryptoPotato
    CryptoPotato
    • Crypto News
    • Margin Trading
    • Guides
      • Bitcoin & Crypto Guides 101
      • Bitcoin For Beginners
      • Editorials
    • DeFi & NFT
    • Buy
    • Language
    • Crypto News
    • Bitcoin For Beginners
    • Cryptocurrency Guides 101
    • Editorials
    • Bitcoin & Crypto Margin Trading
    • DeFi & NFT News
    • Bitcoin Price Analysis
    • CryptoPotato Crypto Fund
    • Ethereum (ETH) Price Analysis
    • Ripple (XRP) Price Analysis
    • Market Updates
    • Interviews
    • Buy Bitcoin with Card
    Home » Crypto News » US Presidential Candidate Bloomberg Suggests Cryptocurrency Regulation To Help Prevent Another Financial Crisis

    US Presidential Candidate Bloomberg Suggests Cryptocurrency Regulation To Help Prevent Another Financial Crisis

    Author: Joel Laforest

    Last Updated Feb 18, 2020 @ 18:05

    As of Monday, February 17th, 2020, U.S. presidential candidate, Micheal Bloomberg, and his campaign team have published a formal financial reform plan, aimed at strengthening the U.S. economy and helping it recover from the “the damage Trump has done” following the financial crisis of 2008.

    Amongst dozens of other financial recommendations, the formal proposal also included the mention of creating a “clear regulatory framework for cryptocurrencies.” According to Bloomberg, “Cryptocurrencies have become an asset class worth hundreds of billions of dollars, yet regulatory oversight remains fragmented and undeveloped.”

    Better Late Than Never

    Aimed at rebuilding the country’s financial future, Bloomberg’s plan suggests there needs to be more safety and transparency in the U.S. economy if another crash similar to the 2008 financial crisis is to be avoided.

    For this, he suggested that financial institutions need to monitor their risk exposure better, as well as recording all financial transactions via a centralized database, on top of many other recommendations, such as working to strengthen the Consumer Financial Protection Bureau.

    According to the proposal,  Bloomberg wants to “reform Wall Street and put the financial system to work for every American”.

    ADVERTISEMENT

    And as far as creating a regulatory framework for crypto, he had this to say, “For all the promise of the blockchain, Bitcoin and initial coin offerings, there’s also plenty of hype, fraud and criminal activity”. All of which, according to many, represents a significant vulnerability and risk for the future of both the American and the global economy.

    In other words, through the proposal’s recommendations, the hope is that Bloomberg and his team will be able to ensure that the mistakes made by Wall Street causing the 2008 financial crisis won’t ever happen again. And at the same time, he is mentioning that cryptocurrencies are going to have a part to play in it all.

    Bloomberg For U.S. President

    Although he has only recently joined the race for U.S President, Bloomberg has already sunken millions of dollars into his advertising campaign. And as of today, he is currently polling at around 16%, placing him in second place at the national level.

    Bloomberg’s mention of cryptocurrency also made a recommendation of clarifying which U.S. agencies are going to be responsible for regulating the U.S. crypto industry.

    The chosen agency will also be responsible for defining when tokens should be considered as securities, clarifying the tax system surrounding crypto, defining the requirements for financial institutions, as well as “protecting consumers from cryptocurrency-related fraud.”

    As it is, this could be big news for the future of Bitcoin, which as of the time of writing this, is currently trading at around $9,918.75.

    Featured image courtesy of Associated Press

    SPECIAL OFFER (Sponsored)
    Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

    PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

    You Might Also Like:

    • paypal_crypto_bitcoin-min
      The Good and The Bad About Cryptocurrency on PayPal
    • Joe Biden
      FTX CEO A Top Contributor to Biden's Campaign After Bloomberg
    • bitcoin_easy
      US Plans to Simplify Regulation Process for Cryptocurrency Firms
    Tags: Bitcoin United States
    Enjoy reading? Share with your friends
    Facebook Twitter LinkedIn Telegram

    About The Author

    Joel Laforest
    More posts by this author

    As a freelance writer, Joel has over 3 years of experience working in a wide variety of industries and online niches. Based out of Canada, Joel writes primarily about tech, blockchain, finance, along with managing a digital marketing blog, The Hobo Marketing Co.

  • bitcoin
    BTC$19,100.32
  • ethereum
    ETH$1,062.66
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    Editorials
    Over 33% of NFT Volume is Wash Trading: bitsCrunch CEO Interview

    Over 33% of NFT Volume is Wash Trading: bitsCrunch CEO Interview

    What’s Going on With Celsius Network and Why Is It a Huge Risk for Crypto (Opinion)

    What’s Going on With Celsius Network and Why Is It a Huge Risk for Crypto (Opinion)

    Institutions Are Definitely Here: ConsenSys’ Harriet Browning (Interview)

    Institutions Are Definitely Here: ConsenSys’ Harriet Browning (Interview)

    Binance Visa Card Guide: Read Before You Order

    Binance Visa Card Guide: Read Before You Order

    Bitstamp CEO JB Graftieaux: We Are Still Early (Interview)

    Bitstamp CEO JB Graftieaux: We Are Still Early (Interview)

    Okay Bears NFT Collection: The Complete Guide

    Okay Bears NFT Collection: The Complete Guide

    Our Ambition is to Become the Amazon of Crypto: Interview with Coinbase’s Guillaume Chatain

    Our Ambition is to Become the Amazon of Crypto: Interview with Coinbase’s Guillaume Chatain

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    Footer Logo
    About
    Advertise on CryptoPotato
    About Us | Contact Us | Careers

    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Cannabis Stocks News | Market Analysis
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!