Michael Bloomberg, one of the US presidential candidates, has suggested a plan for the cryptocurrency sector. According to a recent official publication from him, a regulatory framework for digital assets is necessary, for the right financial system in the country.
The presidential aspirant is focused on strengthening the economic system, making it a lot more fortified than it currently is. Mike believes that the economy should be properly sustained so that it can “withstand shocks without requiring taxpayer bailouts.”
As part of his plan, he wants the rules and regulation surrounding cryptocurrency to be as clear as day. According to the full plan, the sector and all the power it packs, is still lagging.
The plan includes clarification of many things in the crypto sector. These include the regulatory bodies in charge of the sector and also a proper way to delineate what assets are securities. He believes that doing this will significantly reduce confusion and also protect unsuspecting customers against fraud.
“Cryptocurrencies have become an asset class worth hundreds of billions of dollars, yet regulatory oversight remains fragmented and undeveloped. For all the promise of the blockchain, Bitcoin and initial coin offerings, there’s also plenty of hype, fraud and criminal activity.”
Last year, Kryptomoney reported that former presidential candidate Andrew Yang also supports the cryptocurrency sector.
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