Michael Bloomberg

US presidential candidate Michael Bloomberg unveils cryptocurrency regulation plan

US presidential candidate in elections 2020 year Michael Bloomberg has proposed to establish a new regulatory framework for cryptocurrencies as part of his plan for financial regulation, writes CoinDesk.

Bloomberg’s financial reform plan aims to introduce stronger consumer protection measures and strengthen the financial system. Thus, financial institutions may be required to monitor risk exposure and enter all transactions into a centralized database.. Besides, provides for the creation of a regulatory “sandbox” for startups and “provision of a clear regulatory framework for cryptocurrencies”.

US Presidential Candidate Michael Bloomberg Unveils Cryptocurrency Regulation Plan 2020 US presidential candidate Michael Bloomberg has proposed establishing a new regulatory framework for cryptocurrencies as part of his financial regulation plan, CoinDesk writes.

“Cryptocurrencies have become an asset class worth hundreds of billions of dollars, but regulatory oversight remains segmented and undeveloped. The promises of blockchain, bitcoin and initial coin offerings are accompanied by significant levels of hype, fraud and criminal activity, “the proposal says..

According to Bloomberg’s plan, it is necessary to delimit the powers of the authorities in the supervision of the crypto space, to determine which tokens are securities, protect consumers from cryptocurrency-related fraud, clarify tax conditions and establish requirements for financial institutions when dealing with digital assets.

According to the portal 538, citing survey results, the founder of Bloomberg L.P. currently supported by 16.5% of voters, which puts him in second place among all candidates.

Earlier, entrepreneur Andrew Young announced his own plan to regulate the cryptocurrency industry, but he decided to refuse to participate in the presidential race..

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