Why Hillary Clinton Warns Biden Administration To Regulate Crypto Market
During an MSNBC interview, Hillary Clinton continued to suggest hypothetical scenarios in which cryptocurrencies could destabilize the United States and called on the Biden administration to regulate them as she fears that state and nonstate actors manipulate the role of the U.S. dollar.
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Clinton warned people are only beginning to see the need to regulate the cryptocurrency markets and called to imagine “the combination of social media, the algorithms that drive social media, the amassing of even larger sums of money through the control of certain cryptocurrency chains,”
The former presidential candidate has already voiced her unamicable views around cryptocurrencies before, seeing them as a threat for the United States.
Likewise, for Clinton, the nations of China and Russia are manipulative obstacles for the country.
We are looking at not only states, such as China or Russia or others, manipulating technology of all kinds to their advantage, we are looking at nonstate actors, either in concert with states or on their own, destabilizing countries, destabilizing the dollar as the reserve currency.
Clinton thinks that the Biden administration needs to address many questions regarding the role of cryptocurrencies in the U.S. nation and its economy, but added they might not have much time to do so.
The Former Secretary of State hopes that the current administration will try to operate “exactly” in the way she thinks best based on what she has been “hearing from them”, meaning their views regulations match her hostility.
We certainly need new rules for the information age, because our current laws, our framework, it is just not adequate for what we are facing.
Is The U.S. Marching Towards More Crypto Hostility?
Last week, the Former Secretary of State made a similar warning during the Bloomberg New Economy Conference, where she stated that crypto represents a risk for the stability of the U.S. nation and currency (the U.S. dollar).
Clinton believes the “interesting and somewhat exotic effort” of crypto mining can undermine the role of the dollar and seemed to consider full-ban on cryptocurrencies similar to China’s:
It appears as though China is going to prevent outside technology payment systems, like the cryptocurrencies development, from playing a big role inside China. I think they recognize, giving their nationalism, perhaps earlier than other nations, that this could be a direct threat to sovereignty.
On the other side, Senator Pat Toomey had voiced back in September that the China ban was an advantage for the United States and tweeted his own opinion on the upside of innovation and economic liberty, which Hillary Clinton still fails to approach.
Beijing is so hostile to economic freedom they cannot even tolerate their people participating in what is arguably the most exciting innovation in finance in decades. Economic liberty leads to faster growth, and ultimately, a higher standard of living for all.
Furthermore, Jerome Powell has just been renominated as U.S. Federal Reserve Chair to face the accelerating inflation and other challenges the nation’s economy is facing. Powell has been warry around cryptocurrencies, but he has also stated he would not opt for a ban, but regulatory controls on stablecoins.
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Crypto total market cap at $2.5 trillion in the daily chart | Source: TradingView.com