Mike Bloomberg, the former Mayor of New York City, a successful entrepreneur and a latecomer to the Democrat Presidential Primary, has included cryptocurrencies and Fintech as part of his financial reform platform.
According to his campaign website Bloomberg plans to:
“promote healthy competition in financial services by creating a “regulatory sandbox” where startups can test concepts, and by providing a clear regulatory framework for cryptocurrencies.”
As well:
“Cryptocurrencies have become an asset class worth hundreds of billions of dollars, yet regulatory oversight remains fragmented and undeveloped. For all the promise of the blockchain, Bitcoin and initial coin offerings, there’s also plenty of hype, fraud and criminal activity. Mike will work with regulators to provide clearer rules of the game by:
- Clarifying responsibility for overseeing cryptocurrencies.
- Providing a framework for initial coin offerings, by defining when tokens are and are not securities.
- Protecting consumers from cryptocurrency-related fraud.
- Clarifying how investments in cryptocurrencies will be taxed.
- Defining capital and other requirements for financial institutions holding cryptocurrencies.”
It is good to know that Bloomberg is aware of Fintech and, perhaps, the ongoing discussion about how to regulate digital assets. As Bloomberg has hurdled the debate requirements, due to a new national poll that has Bloomberg surging to 19% and second place nationally, he will be invited on the debate stage this week. Perhaps the moderators will be inclined to ask all of the candidates about their opinion on Fintech, digital assets, and even entrepreneurship and the importance of a market-driven economy.