Cryptocurrency is a booming subject and the United States presidential candidates take a hit on it, this time it’s Michael Bloomberg on crypto regulations in the country.
The presidential contender, Michael Bloomberg, in his new financial reform plan, has come up with the idea of putting together a defined regulatory framework for cryptocurrencies that will ensure better consumer protection conditions and powerful financial organization.
Jist of Bloomberg on crypto regulations proposal
This proposal has been designed to monitor the extent of risk, record all financial transactions, and provide a controlling body for cryptocurrencies. Even as cryptocurrencies continue to gain popularity and have turned into assets that are worth billions of dollars, there is still no regulatory body to oversee things and is still in its development stage.
With a regulatory body, it is expected that all the propaganda, fraud, and illegal activities related to blockchain, Bitcoin, and initial coin offerings (ICOs) would be easy to avoid.
To explain the jist of this Bloomberg on crypto regulations proposal; he plans regarding financial reforms, Bloomberg proposes outlining the agencies that would be entrusted with the task of overseeing the operations.
In addition, it will create a strategy that would specify when tokens become securities and protect consumers from frauds. It would also clarify the tax system and define the requirements for financial institutes that would help beginners and provide a straightforward monitoring framework to prevent any damage to the system.
With this latest idea, Bloomberg, who has also served as mayor of New York City, has become the latest presidential candidate to express his thoughts and ideas regarding cryptocurrencies and their system. He proposes the development of a governing body that would act as a sandbox so that cryptocurrencies can be monitored and used to maximum advantage, avoiding risks and loses.
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