Clinton: The need to regulate the crypto markets

Hillary Clinton wants to stop Russia and China manipulating cryptos

Hillary Clinton talking into a microphone                                 
Hillary Clinton made the comments while discussing rules needed to regulate tech companies – Photo: Alamy
                                

Hillary Clinton has spoken out about the need to regulate the cryptocurrency market. She made the comments on MSNBC on 24 November, as she discussed rules needed to regulate the way tech companies operate.

The 2016 Democratic Party presidential nominee and former US secretary of state also stated that it’s not only countries such as China and Russia that are “manipulating technologies of all kinds to their advantage, but we are also looking at non-state actors destabilising countries”.

She added that “there are so many big questions that the Biden administration must address” relating to crypto. Clinton went on to say that she does not feel that “we have too much time” and so hopes that this is “exactly what they are going to try to do”.

Second time in a week Clinton addresses cryptos

At the Bloomberg New Economy Forum in Singapore on 19 November, Clinton made similar remarks.

Although admitting cryptos are an interesting technology, she also said they hold the power to destabilise the US dollar and nations, “perhaps starting with small ones but going much larger”.

As with her comments on MSNBC, Clinton also referred to Russia and specifically President Vladimir Putin, accusing him of being behind a campaign of disinformation and cyberwarfare.

Senator Elizabeth Warren and FSOC

 

In July this year, Elizabeth Warren, Democratic Party senator for Massachusetts, wrote to the Financial Stability Oversight Council (FSOC) and Janet Yellen, secretary of the treasury and chair of the FSOC, asking for a regulatory strategy for cryptos. Warren said: “I am writing to you in your capacity as chair of the FSOC regarding the need for a coordinated and cohesive regulatory strategy to mitigate the growing risks that cryptocurrencies pose to the financial system.

“I urge the FSOC to act with urgency and use its statutory authority to address cryptocurrencies’ risks and ensure the safety and stability of our financial system. The longer that the United States waits to adapt the proper regulatory regime for these assets, the more likely they will become so intertwined in our financial system that there could be potentially serious consequences.”

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