Crypto-Asset Control: US Presidential Hopeful Michael Bloomberg to Curtail Economic Recession

Azeez Mustapha
18 February 2020 | Updated: 18 February 2020

Whilst he barely lately joined the race for the President of the United States, Bloomberg has already invested millions of dollars in his advertising campaign. And today he polls about 16%, putting him in second place at the national level.

Bloomberg’s plan to restore the country’s financial future implies that greater security and transparency are needed in the US economy to avoid another collapse similar to the 2008 financial crisis.

Bloomberg’s reference on the crypto asset besides forged a proposition to simplify which US department would be in charge of controlling crypto assets in the United States.

The selected department will besides be in charge of determining when tokens should be treated as securities, for explaining the tax system related to crypto-assets, for determining prerequisites for financial institutions, and the “safeguard of users from crypto-asset scam”.

Be that as it may, this may be a great report for the future of Bitcoin, which at the time of this writing is currently trading at $ 10,165.

Crypto-Asset Control Framework
Amid loads of extra-economic proposals, the official proposal also included a reference to the formulation of a “clear regulatory framework for crypto assets.” As stated by Bloomberg, “crypto assets have become a class of assets worth hundreds of billions of dollars, but supervisory control stays broken and backward.”

To this end, he proposed that economic agencies better control their risks, as well as register all economic activity through a centralized database, in addition to many other proposals such as reinforcing the Consumer Financial Protection Bureau.

And as for formulating a supervisory framework for crypto protection, he said the following: “Despite all the promises of blockchain, bitcoins, and initial coin offerings, there is also a lot of hype, scam, and criminal transactions.” All this, as declared by the majority, depicts remarkable fragility and risk for the future of both the United States and worldwide economies.

As per the proposal, Bloomberg plans to “change Wall Street and make the economic framework function for each American.”

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Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.