USA: Bloomberg proposes clear crypto currency regulation

On Monday, the 17. February 2020, published by the U.S. presidential candidate Michael Bloomberg and his campaign team a formal financial reform plan to strengthen the U.S. economy, and help her to recover from the “damage that Trump did to” after the financial crisis of 2008.

In addition to dozens of other financial recommendations of the formal proposal included the mention of the creation of a “clear regulatory framework for crypto-currencies”. According to Bloomberg, “are crypto-currencies have become an asset class in the value of hundreds of billions of dollars, but regulatory oversight is still fragmented and undeveloped”.

With the goal, the financial future of the country to rebuild, suggests Bloomberg’s Plan that there needs to be more safety and transparency in the U.S. economy. The financial institutions need to monitor their risk exposure better, and all financial transactions via a Central database to capture, in addition to many other recommendations, in order to strengthen, for example, the Consumer Financial Protection Bureau. Bloomberg’s Plan provides a centralized record of all financial transactions to provide “protective measures and security arrangements,” re-introduced, in his opinion, after the financial crisis of 2008, and then President, Donald Trump has been abolished.

Bloomberg says he can make up for the damage by a centralization and a clear regulatory framework for Bitcoin (BTC) and crypto – currency – the new asset class, which is set to the centralization resist-undo.

Mike will improve the ability of America to anticipate future crises and to prevent, by making the financing of the Office of Financial Research again, large financial institutions are obliged to monitor their risk exposure, and a Central record of all transactions on the markets created.

The Plan focuses heavily on consumer protection and aims to ensure Fairness in the allocation of consumer loans, auto loans, credit reports, access to loans, Bank services, and financial opportunities. Despite the centralisation, which is contrary to the Ethos of decentralised crypto-currencies such as Bitcoin and Ethereum, says Bloomberg, that he will support the Fintech Innovation by creating a secure environment for entrepreneurs and a regulatory framework for crypto currencies.

With all of the promises that the Blockchain, Bitcoin and the Initial Coin to bring Offerings, there are also a lot of Hype, fraud and criminal activities“. All of this represents, according to many, a significant vulnerability and a risk for the future of both the American and the global economy.

With other words: the recommendations of the proposal, the hope is that Bloomberg and his Team can ensure that the mistakes of Wall Street that caused the financial crisis of 2008 never happen again. And at the same time he mentioned that crypto-currencies could play a role.

Although he is only recently in the race for the office of the US President, has Bloomberg millions of dollars in its advertising put campaign. And currently, he is in the polls at around 16%, which puts him on a national level, on the second place. Bloomberg mentioned in his proposal that clearly has to be regulated, which the US authorities for the regulation of the US crypto industry to be responsible.

The selected Agency will also be responsible to define, when Token as the securities should be considered. In addition, it should be clarified how the tax system in connection with crypto has to deal, as well as the requirements of stock exchanges and other providers of defined and “consumer fraud in connection with crypto-currency” to be protected.

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