Bloomberg wants to create facts

Mike Bloomberg has presented a reform plan in which he promises to introduce clear crypto regulations. The Democratic presidential candidate wants to give the authorities more powers in the future and give consumers more security.

Democratic presidential candidate Michael Rubens "Mike" Bloomberg has released a financial reform plan that promises clear guidelines for regulating Bitcoin and other cryptocurrencies. Accordingly, the former mayor of New York wants to strengthen cooperation with regulators and improve consumer protection in relation to cryptocurrencies.

Bloomberg wants clear rules for Bitcoin & Co.

Bloomberg has compiled its financial system reform proposals in the Financial Reform Policy document released on Tuesday, February 18 . The agenda therefore also includes the demand for clear regulations for cryptocurrencies, which in recent years have "become an asset class worth hundreds of billions of dollars".

In the last section of the reform plan, the candidate promises to step up cooperation with regulators in the future. Bloomberg places the following main topics on its political agenda:

Working with regulators to create clear rules of the game

Clarifying responsibility for monitoring cryptocurrencies,

Creation of a framework for initial coin offerings (ICOs),

Protecting consumers from cryptocurrency fraud,

Clarifying how investments in cryptocurrencies should be taxed

Define capital and other requirements for financial institutions that hold cryptocurrencies.

According to the reform plan, a legal framework had to be established and supervisory powers coordinated between the respective authorities. The distribution and clarification of responsibilities is urgent insofar as "regulatory supervision is still fragmented and undeveloped".

Fix what Trump has broken

The Democratic candidate proposes a number of reform proposals in his plan to protect himself against future financial crises. In doing so, he explicitly opposes the politics of the current president and promises to "repair what Trump broke".

Bloomberg's move to the regulation of cryptocurrencies in its fiscal policy program can initially be interpreted as a positive signal in the direction of consumers. For investors, a clear legal situation means more protection and security for investments.

It remains to be seen whether Bloomberg will be able to prevail over his fellow campaigners in the primaries. In any case, the chances do not seem to be bad at the moment. According to a Reuters poll, Bloomberg took second place in the electoral favor, right after Bernie Sanders. Joe Biden is currently in third place.

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