Billionaire Democrat presidential candidate Michael Bloomberg has unveiled a proposal that calls for more clarification of cryptocurrency rules. The proposal is tucked within a broader financial reform plan that his campaign has published on his official campaign website.
The bulk of his financial reform plan consists of a host of recommendations to increase government oversight of the financial sector to avoid a repeat of the 2008 financial crisis. Its provisions include proposals to increase government funding for financial research and monitoring, new monitoring mandates for financial firms, and the development of a “centralized record of all transactions in the markets.”
His plan would also focus on financial crimes by creating a new “dedicated corporate crime group” within the Department of Justice and committing prosecutors to target more individuals rather than focusing primarily on corporations. In addition, the plan calls for further funding and powers for the controversial Consumer Financial Protection Bureau.
Bloomberg on Cryptocurrencies
According to the Bloomberg policy statement:
“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.”
The proposal suggests that a Bloomberg presidency would instruct regulators to clarify which agencies have oversight of digital currencies and provide a clearer framework for ICOs. In addition, the documents calls for increasing consumer protection against crypto fraud, issuing clearer guidelines about cryptocurrency taxation, and mandating capital requirements for institutions that provide digital asset custody.