Andrew Yang, who endured himself to the cryptocurrency community with his progressive digital asset policies for the presidential race, may have dropped out, but there is another candidate aware of the space.
A new democratic candidate is looking to emerge as a challenger to Trump, and it is the former mayor of New York City, Mike Bloomberg. The billionaire media mogul is looking to make a big splash in the presidential race, especially appealing to the younger generation with an orchestrated meme campaign.
More so, the presidential candidate may also be picking up where Yang left off as he has also outlined a bit of clarity in the cryptocurrency space for his campaign. This includes making mention of cryptocurrencies – rare in itself for presidential campaigns – but also to outline a regulatory framework.
The framework is quite broad and basic but starts at the beginning in offering clarity, which is often all that is needed to get things going. In the US, cryptocurrencies mainly operate in a regulatory grey zone, especially in regards to the SEC.
As part of his Financial Reform Policy, Bloomberg has outlined the following with regards to cryptocurrencies and where they stand in the USA.
“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. Mike will work with regulators to provide clearer rules of the game by:
- Clarifying responsibility for overseeing cryptocurrencies.
- Providing a framework for initial coin offerings, by defining when tokens are and are not securities.
- Protecting consumers from cryptocurrency-related fraud.
- Clarifying how investments in cryptocurrencies will be taxed.
- Defining capital and other requirements for financial institutions holding cryptocurrencies.”
It is evident from this short explanation that Bloomberg has identified that the cryptocurrency space has found its spot in the financial system of the US, yet there is very little understanding of how it is regulated.
More so, as outlined by Bloomberg, it is also important to look at the next level of cryptocurrencies and how institutions and enterprises hold and operate with them.
Bringing crypto to the top
It is unsurprising that the democratic candidates are the ones that are most interested in getting cryptocurrencies into the regulatory framework and to ensure they have their space in the USA. The only mention that has been seen from the republicans with regard to Bitcoin came from President Donald Trump who tweeted his dislike of Bitcoin.