Hillary Clinton seems to have waged a battle against cryptocurrencies. The former US presidential candidate has returned to thunder against the risks of cryptocurrencies. She did so on MSNBC TV.
Hillary Clinton: cryptocurrencies need urgent regulation
The former first lady spoke on the TV programme about the need to regulate tech companies, such as social media or giants like Apple and Google, to prevent abuse. In her argument, Hillary Clinton also referred to the fact that social media can also be manipulated by foreign states, such as Russia and China.
At this point, she brought up cryptocurrencies, saying:
“I want to mention one other thing that is on the horizon that people are only beginning to pay attention to, and that’s the need to regulate the cryptocurrency markets, because imagine the combination of social media, the algorithms that drive social media, the amassing of even larger sums of money through the control of certain cryptocurrency and chains, we’re looking at not only states such as China or Russia or others manipulating technology of all kinds to their advantage. We’re looking at non-state actors either in concert with states or on their own destabilizing countries, destabilizing the dollar as the reserve currency”.
According to Hillary Clinton, the Biden administration needs to take action as soon as possible:
“There are so many big questions that the Biden administration must address. I just don’t think we have much time and therefore I hope from everything I’m hearing from them that that’s exactly what they’re going to try to do”.
Hillary Clinton’s concerns
This is Hillary Clinton’s second cryptocurrency-related speech in the space of a few days. In recent days, the former US secretary of state warned on Bloomberg about the dangers of Bitcoin, which she said could destabilize the US dollar.
Absurdly, she expressed the same opinion as her opponent in the 2016 presidential election, Donald Trump.
Crypto regulation in the US
It seems that Hillary Clinton, a Democrat, is encouraging the current president to intervene in the crypto sector. However, in her speeches she always seems to be looking at the downside rather than the many opportunities that cryptocurrencies can bring.
Those in the industry hope that Joe Biden, Jenet Yellen, the SEC and other relevant authorities do not proceed in the stringent direction Hillary Clinton wants. It would mean holding back the industry and abdicating the leadership role that the US has always played in technology and innovation, including financial innovation.