In the framework of his campaign, U.S. presidential candidate Michael Bloomberg offered to develop a regulatory framework for cryptocurrencies.
Billionaire entrepreneur, who turned politician, Michael Bloomberg is currently the U.S. presidential candidate 2020. As the U.S. Democratic party presidential campaign enters its closing stages, aspirants are throwing all they have in the ring to gain the support of democrats nationwide and Michael Bloomberg is not one to be left out.
The billionaire entrepreneur campaign team published a financial reform plan advocating for greater consumer protection measures and a stronger financial system. He proposed creating a regulatory framework for cryptocurrencies in a new financial plan. The new regulation is expected to go a long way in helping crypto investors and reduce the number of scams and frauds in the industry.
Protecting Crypto Investors
The campaign team explained that the aim of the proposal is hinged on monitoring risk exposure, record all financial transactions in a centralized database, strengthening the Consumer Financial Protection Bureau and a number of other recommendations.
Explaining the motive behind the proposal, the campaign maintained the fact cryptocurrency is the future of money, but the normal trend of fraud and other illicit activities that characterize the industry must be dealt with. The proposal reads:
“Cryptocurrencies have become an asset class worth hundreds of billions of dollars, yet regulatory oversight remains fragmented and underdeveloped. For all the promise of the blockchain, bitcoin and ICO’s, there is quite a lot of hype, fraud and criminal activities.”
The proposal wants regulatory agencies to come clear on the future of cryptocurrencies, a clampdown on fraudulent ones, encourage start-ups that looks promising, create a conducive atmosphere for investors who wish to invest in digital currencies, and be rest assured that they are not being scammed or investing in a fraudulent project.
Billionaire at the White House
Mike Bloomberg’s campaign is not receiving so much-needed support as Bloomberg thought when he started the journey. Most of the knocks he’s receiving are largely due to his financial standing and not because of his poor campaign strategy.
The 2020 U.S. presidential campaign is a little bit silent on cryptocurrency because most of the aspirants are scared about triggering the emotions of the American working class who are yet to fully embrace the idea of cryptocurrency. For example, a Democratic presidential candidate and crypto advocate Andrew Yang has already withdrawn from the elections.
Bloomberg’s campaign train is under serious threat within the Democratic party largely because they feel he would be a ‘Money’ president and would behave exactly like Donald Trump.
Author Osaemezu Ogwu is a cryptocurrency journalist with several years of experience in the crypto-verse.