Bloomberg’s 2020 U.S. Presidential Election Campaign Plan Pledges Clearer Crypto Regulations | BTCMANAGER
Bitcoin, Blockchain & Cryptocurrency News
Democratic Party Presidential Aspirant and CEO of Bloomberg L.P, Michael Bloomberg, pledged to provide a clearer regulatory framework for cryptocurrency and other matters relating to digital currencies, as part of his financial reform policy.
The cryptocurrency landscape in the U.S. is ambiguous, which has consequently affected the development of the virtual currency sector in the country; an issue that Bloomberg’s proposal seeks to amend.
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The Bloomberg Campaign team published a Financial Reform Policy document on Tuesday, February 18, 2020, which advocated an improved financial system in the U.S., innovation, consumer protection, and working with U.S. regulators to provide a robust regulatory framework for the crypto sector.
Part of the financial reform plan reads:
“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.”
Other crypto-related issues the document pledged to work on included providing a regulatory framework for ICOs, clarify when tokens are securities, and also clarifying the issue of crypto taxation. Currently, in the U.S., there is no uniformity when it comes to classifying ICO tokens.
The SEC views tokens as securities according to the Howey Test principle,