United States presidential candidate, Michael Bloomberg has recommended building a regulatory framework for cryptocurrencies in a new financial regulation proposal.
This is according to his campaign.
This regulation plan is trying to endorse a powerful financial system and also for bigger consumer safety.
Its recommendations include documenting every financial transaction in a central database, enhancing the consumer financial protection bureau, needing financial institutions to oversee risk exposure among others.
It also proposes establishing a regulatory sandbox for startups and giving a precise regulatory framework for cryptos.
The entire proposal noted that even though blockchain and all other coins have traces of fraud and unlawful activities, cryptocurrencies have evolved to be an asset that is worth billions of dollars, yet regulatory oversight stays primitive.
According to Bloomberg, the duty of agencies should be clarified.
The duties of agencies such as the ones in charge of the management of the space, establishing a framework to explain when tokens are insurances, saving consumers from cryptocurrency-related fraud, among others.
Bloomberg has become the newest of presidential candidates to discuss crypto during campaigns.
Others are Rep. Eric Swalwell (D-Calif.) and Andrew Yang. They have, however, dropped out of the presidential contest.
Swalwell got crypto contributions shortly during his run.
Also, Yang had ordered for a national regulatory framework to address questions around how the administration would solve the restrictions in the crypto space.
Countdown to November
Michael Bloomberg had joined the presidential contest quite late in November last year.
This has, however, not stopped him from splashing millions of dollars into his ad campaigns.
Bloomberg is the former New York City mayor and father of Bloomberg L.P., the organization behind the Bloomberg Terminal.
As a result of his entering late in the primary process, he had lost the first primary and caucus, which is New Hampshire and Iowa.
As of press time, he is polling about 16%, as reported by news site 538. This can earn him the second position on the federal stage.
According to The Washington Post, however, Bloomberg has consistently fixed lots of alleged sexual harassment cases and has been allegedly enabling a hostile work environment.
Also lately, his candidacy faced allegations of racism and sexism, particularly from his support of New York’s “stop and frisk” method when he was in charge of the town.
This practice was, however, considered unconstitutional and the lawsuit dropped.