Recently reported, a 2020 US Presidential candidate Michael Bloomberg sees cryptocurrency as an asset class. In addition, he also mentioned his proposal for crypto regulation.
In a financial reform plan, published on Tuesday, founder and CEO of Bloomberg LP, Michael Bloomberg proposed a ‘regulatory framework on cryptocurrencies”.
His promise sounds similar to crypto-friendly views shared by Andrew Yang who unfortunately drops out of the presidential list on Feb 11.
Compared to anti-bitcoin views shared by Donald Trump last year, Yang stood strong for the crypto community. He showed pro-bitcoin and blockchain views which certainly impressed the entire crypto ecosystem.
Besides Yang, the other pro-crypto candidate, Eric Swalwell failed to proceed further. However, now Bloomberg is likely to be an impressive community by promising a ‘ clear regulatory framework for crypto. ‘Yang despite the tech background and support of the crypto community couldn’t make it and Bloomberg despite having the charge of sexism and racism is making his best to gain traction from the crypto industry.
In a report, he emphasized that digital assets have yet to be backed up by sensible regulations and stated that it will work ‘ with regulators to prove clearer rules ‘ including rules to protect consumers from crypto-fraud, crypto-asset taxation, securities, and requirements for financial entities holding cryptocurrencies.
“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.
More so, when Facebook announced its plan to launch Libra, Congress has had a strict eye on how a crypto asset will be the threat for sovereign currency, US Dollar. In fact, the social media giant is yet to launch its over-hyped stable coin as it is yet to clear the several criticizing factors shared by regulators across the world, majorly US regulators.
More so, Bloomberg’s proposal towards the crypto industry impressed crypto enthusiasts, namely Binance boss Changpeng Zhao (CZ) who then took to Twitter and write ‘Go, man’. CZ, the founder of Binance crypto exchange has worked at Bloomberg 15 years ago and henceforth, it comes as an exciting note for him. Nevertheless, CZ tweeted as follows;
Go, man! I remember BLOOMBERG as a leading Fintech company when I worked there 15 years ago. We had servers so big that they are called BIGs. I (my team) owned the FutBig (Futures BIG server). We proposed to call it the FuBig first but went with FutBig in the end.