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Cryptocurrency Takes the Political Stage

Financial reform policy of Democratic presidential candidate Mike Bloomberg includes a section on regulation of virtual currencies.

By Treasury & Risk | February 19, 2020 at 04:27 PM

Former New York City mayor Mike Bloomberg recently announced his entrance into the race for the Democratic presidential nomination by spending huge amounts of money to buy ads nationwide. This hard press across TV, radio, and online media has resulted in remarkable name recognition and interest in his campaign, which will enable Bloomberg to join the other leading Democratic contenders on the debate stage in Las Vegas, Nevada, tonight.

Bloomberg also just released his proposed financial reform policy. The policy covers a number of reforms that other Democrats’ proposals have already touched on to varying degrees, including strengthening the Volcker Rule and the Consumer Financial Protection Bureau (CFPB). More unusual, Bloomberg’s proposal also includes new regulations for cryptocurrencies.

“Cryptocurrencies have become an asset class worth hundreds of billions of dollars, yet regulatory oversight remains fragmented and undeveloped,” according to Bloomberg’s policy statement. “For all the promise of the blockchain, bitcoin, and initial coin offerings [ICOs], there’s also plenty of hype, fraud, and criminal activity. Mike will work with regulators to provide clearer rules of the game.”

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