Maximise your Metaverse potential, giving you daily rewards and a passive income of 0.5% daily I'm going in!

Bloomberg, a US Presidential Candidate, Strives To Regulate Cryptocurrencies

3 min reading

In the new financial reform plan, Michael Bloomberg advocates for creating a clear regulatory framework for cryptocurrencies. The framework includes principles that should clarify the status of cryptographic assets in the financial system. The billionaire and media magnate seeks to obtain, for instance, greater government oversight and better consumer protection.

Presidential candidate in favour of cryptocurrency regulation

Michael Bloomberg is an American entrepreneur, politician and philanthropist, who is currently running for the presidency of the United States. He decided to discuss the topic of cryptocurrency in a financial reform plan that he has recently published. Bloomberg, among other things, wants more regulatory oversight over cryptographic assets which, according to him, is supposed to protect consumers from cryptocurrency fraud.

It is worth noting that Michael Bloomberg is one of the richest people in the world. As Forbes reports, he is currently in 9th place on the list, with assets estimated at $64 billion. What is more, he is a former mayor of New York and the founder of one of the largest news agencies in the world, Bloomberg LP which is specialized in providing information on financial markets. He is also a candidate in the presidential primaries of the Democratic Party in 2020.

On Tuesday, Bloomberg published his financial reform plan. The plan will be implemented if he will be elected president after the US elections in 2020. What the plan recommends is strengthening the financial system and introducing more consumer protection measures. First and foremost, however, it suggests obliging financial institutions to monitor risk exposure, to record all financial transactions in a centralized database, and to strengthen CFPB. The plan recommends creating a regulatory sandbox for startups as well and providing clear regulatory framework when it comes to cryptocurrencies.


Bloomberg: on the cryptocurrency market there is "plenty of hype, fraud and criminal activity"

"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."

- writes Bloomberg in the document.

The plan recommends clarifying which government agencies are responsible for the supervision of the cryptographic space and the creation of a regulatory framework explaining when tokens are securities. It also recommends protecting consumers against cryptocurrency fraud, making appropriate changes to the tax system, and listing requirements reserved for financial institutions operating in crypto space.

Bloomberg is the last of a small group of presidential candidates who decided to include cryptocurrencies in their campaign (Eric Swalwell and Andrew Yang left the race).

Currency Exchange rate Buy cryptocurrency

Buy crypto now

Dear customer,

We use cookies to provide our services correctly and safely. Cookies are small text-based data sets that shall be saved on the device you are using in connection with the use of this instnat website. Cookies are created in order to ensure proper functioning of thes instant website. By clicking the button "I accept and go to the website", you implicitly agree to creation of the cookies on your computer and to deploy automatic tracking and data collection and processing on behalf of the Lushup Holdings FZ LEE. Click the above-captioned button is also tantamount to accepting website's privacy policy. Closing the notification by means of "X" is unequivocally connected with your consent. If you do not agree to any of the above, please discontinue using our Website.

“Cookies” shall make an identification of the software used by you and to customization of this instant website to your needs. Cookies contain the name of the domain from which they origin, duration of period of their storage on your computer and an assigned value.

Third party cookies:
We also use third-party cookies for the following purposes:

  • creating statistics - helping to understand the way Users use the Website, which allows to improve its structure and content with use of the analytical tools
  • defining a user profile - in order to display custom-tailored content in advertising networks.

External entities that might be source of any third-party cookies on this instant Website are as follows:

Using a settings of your web browser or by using pre-set configuration tools available in our service you can independently and at any time change the settings concerning your use of the “cookies”, specifying the conditionsof their storage and how your device is creating and downloading them. These settings can be changed to block the automatic handling of cookies in the settings of your web browser or inform about their placement on your device each time.

Detailed information about the options related to use of “cookies” is available in the settings of your software (web browser).

Service privacy policy

This instant document lays out the principles of the Privacy Policy on the website (hereinafter referred to as the "Website" or "Service"). The administrator of the Website is Lushup Holdings FZ LEE, Fujairah - Creative Tower, P.O.Box 4422 Fujairah, United Arabs Emirates.

The full document to read the ommyo privacy policy is available in this document.

Advanced settings can be changed in your browser.