‘’Clear regulatory framework’’ for crypto proposed by US presidential contender Michael Bloomberg
In the last Bloomberg's campaign of financial reform plan was for greater consumer protection measures and a tough and stronger financial system. This proposal strongly suggests the financial institutions to observe and monitor risk wideness, note down all transactions on a centralized database, protecting and strengthening the consumer financial protection bureau and other suggestions. This proposal also welcomes a regulatory sandbox for startups and gives a clear regulatory framework of cryptocurrencies.
Because cryptocurrencies became hundreds of billions of dollars in class worth, the regulations still remain unmanaged and totally undeveloped. There are chances of hype, fraud and criminal task in the blockchain, bitcoin, and coin offerings.
Bloomberg’s plan also suggests protecting consumers from ‘’cryptocurrency-related fraud’’, clarifying the tax method, requirements of financial institutions in the future. For addressing cryptocurrency, Bloomberg became the new small group of presidential contenders. During Swalwell got donations of cryptocurrencies during his period and also yang called for a nationwide regulatory framework for the questions that are contradictory.
The founder of Bloomberg L.P. entered into the presidential race in NOV 2019 and he missed joining late in the primary process. Because of his late joining, Bloomberg threw lots of money on ad campaigns. According to the Washington Post, Bloomberg settled the number of sexual harassment and other cases.