Former secretary of state Hillary Clinton has called for increased regulation of cryptocurrency markets
In an interview with MSNBC, former presidential candidate Hillary Clinton has reiterated her concerns about the possibility that cryptocurrencies could destabilize countries and undermine the role of the US dollar as a reserve currency.
Hillary Clinton wants crypto regulation to protect the dollar’s reserve status
Clinton has reiterated her warning that cryptocurrencies can weaken the US dollar. She cited a combination of social media algorithms and the accumulation of large sums through policing cryptocurrencies as a potential problem for the state of the US dollar. She then called on the Biden administration to regulate the market.
“We had to have new rules for the Industrial Age at the beginning of the last century,” said Clinton, remarking that the U.S. needs “new rules for the Information Age” because the current laws are “not adequate” for what the country is facing.
This interview echo comments Clinton made last week. The former Democratic presidential candidate told the Bloomberg New Economy Forum in Singapore that she believes it has the power to destabilize nations of any size, as AZCoin News reported.
Following this claim, she then drew attention to the necessity to regulate the cryptocurrency markets as well, stating:
“Imagine the combination of social media, the algorithms that drive social media, the amassing of even larger sums of money through the control of some cryptocurrency chains. We’re looking at not only states such as China or Russia or others manipulating technology of all kinds to their advantage, but we’re also looking at non-state actors either in concert with states or on their own destabilizing countries, destabilizing the dollar. As the reserve currency.”
The 2016 presidential candidate is just the latest in a growing list of US politicians interested in cryptocurrencies.
Perhaps the biggest rival of crypto technology is Democratic Sen. Elizabeth Warren. Over the past year, he has steadily pushed for tighter regulatory oversight, raising alarms about the environmental impact of cryptocurrency trading. Bitcoin mining. On the other hand, Miami Mayor Francis Suarez and NYC Elected Mayor Eric Adams, who has publicly supported crypto technology, recently pledged to receive their salaries in Bitcoin.
To date, regulators in the US have been more focused on regulating cryptocurrencies in the context of capital controls, securities fraud, and tax evasion. However, amid rising inflation rates and growing demand for cryptocurrencies in the United States and globally, regulators may also soon turn their attention to the potential for devaluation of cryptocurrencies.
Sign up for a Binance account here (Discount 10% trading fees): https://accounts.binance.com/en/register?ref=29171587
- Mobile Cloud Software Company Phunware (PHUN) Bought An Additional 398 BTC, Worth $23.8 Million
- This Is How Bitcoin Price Could Reach $250,000