Michael Bloomberg, one of the candidates for the 2020 Presidential Election, said on Monday that he wants to create a regulatory framework for crypto.
His campaign managers published on Tuesday a financial reform plan that advocates better protection measures for consumers and a financial system that’s stronger. More specifically, Bloomberg’s proposal indicates financial institutions would be required to monitor the risk exposure by recording all the monetary activity in a centralized database. The Consumer Financial Protection Bureau would have to be strengthened too. Included in the proposal there’s also the creation of a clear regulatory framework for crypto.
The Agencies Responsible for Overseeing the Crypto Space to be Clarified
A clear regulatory framework for crypto means clarifying the agencies that should oversee the industry and specifying when tokens are in fact securities, making the tax regime clearer and defining what financial institutions require in order to function in the space. Bloomberg is the third Presidential candidate to address cryptocurrency after Eric Swalwell and Andrew Yang did and dropped out the race.
Bloomberg’s Road to the November Elections
The former mayor of New York City and the founder of Bloomberg L.P., Michael Bloomberg, entered the race for the President’s seat in November last year, missing the initial primary and caucus. In spite of this, he has invested a lot into his ad campaigns. At the moment, he’s polling at about 16%, which puts him on the second place for winning the elections. However, he had recently been accused of sexism and racism, also of supporting the New York’s “stop and frisk” practice while he was the mayor of the city. This practice was deemed unconstitutional and the present mayor of New York City, Bill de Blasio decided to drop the case while Bloomberg was appealing the ruling.