Mike Bloomberg Calls for Stricter Regulation for Bitcoin

Former New York mayor and billionaire democratic candidate Mike Bloomberg recently published his 2020 Finance Policy in which he called for stricter regulation for Bitcoin.

Bloomberg finally speaks on crypto

The Financial Reform Policy by Bloomberg is his plan for the country’s financial health if he is chosen the President in 2020. In a 9-page document, Bloomberg discusses how he would tackle the American economy in order to “serve the American people.” Bloomberg also has a socialist attitude towards fixing the economy. He suggests that the 2008 financial crisis and its repercussions in the economy are because of a lack of regulatory oversight.

He also pointed out the $290 billion crypto industry and said that he believes in more regulation. His proposal suggests that cryptocurrencies have become an asset class in their own right, but their “regulatory oversight remains fragmented and undeveloped.” He also said, “For all the promise of the blockchain, bitcoin, and initial coin offerings, there’s also plenty of hype, fraud and criminal activity.”

Bloomberg takes up Yang’s course

Andrew Yang was the only presidential candidate talking about cryptocurrencies. Now that he has dropped out of the race, the road is clear for Mike Bloomberg to talk about crypto assets. Before them both, California Democrat Representative Eric Swalwell discussed cryptocurrencies, but he was out of the race too soon.

If Bloomberg does win the Democratic nomination, he will be in stark opposition to President Donald Trump. Last year, President Trump shared his views on digital currencies on Twitter and said that their valuation is based on thin air. He also said that the US dollar is the only currency in the country while adding that he is “not a fan” of Bitcoin. Soon after, Treasury Secretary Steve Mnuchin called crypto coins a threat to “national security.”

Bloomberg believes that his experience in creating a global fintech firm makes him the right guy for reforming the US economy. He believes that curbing crypto-related frauds is important and the regulators must crackdown on the industry. He also believes that stricter regulatory oversight is essential for the industry.

It is important to note that Bloomberg is not the democratic candidate for,2020 presidential election yet. He is being overshadowed by Bernie Sanders for now, even though he is quite popular among people. He will also be benefitted if former Vice President Joe Biden falls further in the race.