Presidential candidate Bloomberg targets crypto in financial reform plan

US presidential candidate Michael Bloomberg announced on Tuesday a plan to “reform Wall Street” and the financial system as part of his platform. 

And the billionaire appears to have the cryptocurrency industry in sight as part of that plan, pledging to provide “a clear regulatory framework” for blockchain-based digital currencies.

“For all the promise of the blockchain, Bitcoin and initial coin offerings, there’s also plenty of hype, fraud and criminal activity,” Bloomberg’s plan said. And while he acknowledged how the “asset class” has grown into a multi-billion dollar industry, Bloomberg said “regulatory oversight remains fragmented and undeveloped.” 

While the plan mentioned how his office would reform crypto, it did not offer much detail.

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In the plan, Bloomberg pledged to “work with regulators to provide clearer rules of the game.” The plan cited ideas like “clarifying responsibility” for who oversees cryptocurrencies, defining which tokens are securities, “protecting consumers” from fraud, and defining tax laws, as part of the reform.

Cryptocurrencies have not been a major part of most candidates’ platforms, other than from fringe contenders Andrew Yang and Rep. Eric Swalwell, who since have dropped out of the race. 

Like Bloomberg, Yang had called for a “national framework” for regulating cryptocurrencies, citing in a blog post how “different departments of the federal government consider digital assets as property, commodities, or securities.” 

Bloomberg has surged in the polls as of late and has spent hundreds of millions of dollars to boost his candidacy. Meanwhile, his billionaire political counterpart, President Donald Trump, is set to soon release his own list of cryptocurrency reforms.