Democratic presidential candidate Michael Bloomberg has revealed his financial reform policy as part of his ongoing presidential campaign.
The most remarkable point of the reform was the inclusion of cryptocurrency assets.
Bloomberg says regulatory oversight over the cryptocurrencies industry remains fragmented and undeveloped. Billionaire media mogul & former New York City mayor also claims there is still plenty of fraud and criminal activity in the industry.
According to the published financial reform policy plan, Bloomberg 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.
In the meantime, Treasury Secretary Steven Mnuchin said the Trump administration has prepared new significant rules to regulate cryptocurrencies.
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