US elections, crypto regulation among Bloomberg’s proposals
US elections, crypto regulation among Bloomberg’s proposals

US elections, crypto regulation among Bloomberg’s proposals

By Eleonora Spagnolo - 18 Feb 2020

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In the financial reform plan of US election candidate Michael Bloomberg there is also the drafting of a “clear regulatory framework for cryptocurrencies”. 

The Democratic Party primary candidate announced this on his official website, but without adding any details.  

In fact, the last part of the statement is dedicated to cryptocurrencies, in which Bloomberg mentions the financial measures he would put in place if he were elected president of the United States. His plan consists of three points:

  • Strengthening the financial system;
  • Reinforcing measures to protect consumers;
  • Harnessing the power of the financial system to address the most pressing challenges facing the United States.

It is precisely in this last point that Mike Bloomberg mentions cryptocurrencies. He first says he is ready to encourage innovation that promotes prosperity and reduces inequality. Then he announces the proposal to introduce a 0.1% tax on all financial transactions to raise funds to combat economic inequalities. And finally, “it will promote healthy competition in financial services by creating a regulatory framework and promote clear regulation for cryptocurrencies”. 

Cryptocurrencies in the election campaign

In reality, cryptocurrencies are not new to this presidential election campaign that will lead to the re-election of Donald Trump or a Democrat. Another Democrat candidate, Andrew Yang, said in a recent interview with Bloomberg that the US required rules covering cryptocurrencies because people should be able to invest freely in them, taking advantage of the technology behind them. 

Andrew Yang is a Bitcoin supporter who has accepted cryptocurrency donations to fund the election campaign. However, a few days ago he withdrew his candidacy after the first results of the primary in Iowa and New Hampshire. 

US elections, open challenge

Some candidates retire, others stay in the game. Challenging Michael Bloomberg there are heavyweights such as Senator Bernie Sanders and Joe Biden (former vice president of Barack Obama), who according to the polls have a higher chance of winning than the former mayor of New York. The game is still open, much will depend on the “super Tuesday” on March 3rd. The election of the president is set as usual on the first Tuesday in November. What is certain is that the next president of the United States will be called to respond to global challenges, including the one triggered by the advent of cryptocurrencies and blockchain technology.

Eleonora Spagnolo

Journalist passionate about the web and the digital world. She graduated with honours in Multimedia Publishing at the University La Sapienza in Rome and completed a master's degree in Web and Social Media Marketing.

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