U.S. presidential candidate proposes a “clear regulatory framework” for cryptocurrencies

Presidential candidate Michael Bloomberg proposed creating a regulatory framework for cryptocurrencies in a new financial regulation plan. Thus, in its campaign a financial reform plan was published, advocating greater consumer protection measures and a stronger financial system.

Specifically, the proposal suggests requiring financial institutions to monitor risk exposure. Likewise, it is requested to register all financial transactions in a centralized database, strengthen the Office of Consumer Financial Protection, etc.

Measures recommended by Bloomberg

Bloomberg recommends clarifying which agencies are responsible for overseeing this market and creating a framework to clarify when tokens are securities. In addition, another objective is to “protect consumers from cryptocurrency-related fraud.” Additionally, the tax regime must be clarified and the requirements defined for financial institutions that want to participate in this area.

Bloomberg became the last of a small group of presidential contenders to tackle cryptocurrencies during his campaign. The other cases are Swalwell (D-Calif.) And Andrew Yang, who have since abandoned the race.

Swalwell briefly accepted cryptocurrency donations during his career, while Yang also called for a national regulatory framework. The latter would be to address questions about how the government would improve the cryptocurrency market and replace potentially contradictory state-level regulations.

Elections, and the presidential path

Bloomberg, former mayor of New York City and founder of Bloomberg LP, entered the presidential race in November 2019. However, he lost his first primary and caucus (New Hampshire and Iowa, respectively) because he joined late in the primary process.

Despite its late entry, Bloomberg has invested hundreds of millions of dollars in advertising campaigns. However, his candidacy has recently been shaken by accusations of racism and sexism, including his support for the infamous practice of “stopping and registering” in New York during his management of the city.

Later, the practice was considered unconstitutional, and although Bloomberg appealed the ruling, his successor, former presidential candidate and current mayor of New York City, Bill de Blasio, dropped the case.

And you, what do you think of Bloomberg’s proposals? Are you in favor of greater regulation of the world of cryptocurrencies? Do you see it as useful?

Leave us your answer in the comments, we will be very aware of this to be able to have different visions about it.

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