- In order for digital currencies to grow, there needs to be a strategy in regards to its regulation.
- Mike Bloomberg is open to bringing in more regulations for the crypto industry if he gets into the oval office.
In order for digital currencies to grow, there needs to be a strategy in regards to its regulation. This argument has been made so many times over the years with lawmakers in the United States wanting to somehow get involved with the emerging asset class. With Andrew Yang out of the US presidential race, Mike Bloomberg is open to bringing in more regulations for the crypto industry if he gets into the oval office.
The CEO of Bloomberg explained his clear plans for financial reform which is to simply strengthen the financial system. He intends to strengthen the system and protect consumers and take care of some of the most pressing issues in the United States today. Interestingly enough, in the US candidates plan, large financial institutions will need to monitor their own risk exposure as well as creating a database of all transactions.
This is all being planned in order to avoid something like the financial crisis in 2008 ever happening again.
As he was once mayor of New York City, Bloomberg hopes to see some healthy competition in the financial sector by making a more regulatory sandbox in the industry. This way, start-ups will be given the chance to contest their own concepts and provide a clear regulatory framework for digital assets like bitcoin.
He further went on to say:
“Cryptocurrencies have become an asset class worth hundreds of billions of dollars, yet regulatory oversight remains fragmented and undeveloped. For all the promise of the blockchain, bitcoin, and initial coin offerings, there’s also plenty of hype, fraud and criminal activity.”
There were some specific things that the Bloomberg highlighted though. Some of these include providing consumer protection against scams, clarifying all the requirements for financial institutions in holding cryptocurrency, giving clear guidelines on how investments in crypto will be taxed and being able to identify which agencies have regulatory oversight on cryptocurrencies.
It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!