Why Hillary Clinton Warns Biden Administration To Regulate Crypto Market
November 25 2021 - 2:00PM
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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. Related Reading
| Inverse Signals: Why Bitcoin Weakness Is Attributed To
Dollar Strength 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. Related Reading | Bitcoin Heads Towards $35,000
as Biden Stimulus Hurts US Dollar
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