Bloomberg proposed creating regulatory framework for crypto

by in Cryptocurrency News

Bloomberg cryptocurrency elections

US presidential candidate Michael Bloomberg (8th place on the US Forbes list with a fortune of $64 billion) proposed creating the regulatory framework for the cryptocurrency industry as part of massive financial reform.

Related: FTX exchange users could trade Trump re-election futures

Bloomberg advocates tightening consumer protection measures, he intends to oblige financial institutions to monitor risks and collect data on all transactions in a single database. The former mayor of New York also considers it necessary to create sandboxes for startups.

It is emphasized in his campaign that regulators should clarify the following issues regarding cryptocurrencies:

  • when the token is security;
  • how and when to pay taxes from cryptocurrencies;
  • what standards industry service providers must adhere to.
  • Separately, they pointed out the need to protect consumers from criminal schemes related to cryptocurrencies.

Recall, that a few days ago the apologist for crypto and transparent regulation Andrew Yang withdrew from the race in becoming the next president of the United States.