In an advisory letter to the Biden administration, Hillary Clinton urges it to adopt a reasonable regulatory framework covering crypto.
Clinton said that new rules are needed to address the needs of the information age in an interview with MSNBC’s Rachel Maddow.
“Our current laws, our framework, is just not adequate for what we’re facing, and there are a number of very good ideas about how to both apply existing laws and to fill the gaps that exist…
“We have to start with how we create a framework. We should work in concert with our friends in Europe who are also looking at a lot of these issues to try to come up with sensible solutions that would be the equivalent of regulation in the information age.”
In a Bloomberg panel, Hillary Clinton said last week that digital currencies threaten the stability of small and large nations, and have the potential to affect the US dollar.
A potential solution, according to the 2016 Democratic Party candidate for president, would be to regulate crypto.
“I want to mention one other thing that is on the horizon that people are only beginning to pay attention to and that’s the need to regulate the cryptocurrency markets because 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.
“We’re looking at not only states such as China or Russia or others manipulating technology of all kinds to their advantage. We’re looking at non-state actors either in concert with states or on their own destabilizing countries, destabilizing the dollar as the reserve currency.”
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The former presidential candidate Clinton called for action to be taken by the White House.
“There are so many big questions that the Biden administration must address.
“I just don’t think we have much time and therefore I hope from everything I’m hearing from them that that’s exactly what they’re going to try to do.”