Hillary Clinton suggested hypothetical scenarios for how cryptocurrencies could cause instability in the United States. Hillary also called upon the Biden Administration to regulate them, as she is concerned that non-state actors may manipulate the U.S. dollars.
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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,”
Former presidential candidate, who views cryptocurrencies as a menace to the United States, has previously voiced her harsh opinions about cryptocurrencies.
Clinton believes the countries of Russia and China pose a manipulative obstacle to his country.
This is not just about states such as Russia and China manipulating technology for their benefit, but we also consider nonstate actors. These include states acting in concert with other states as well as individuals destabilizing foreign countries or destabilizing USD as the reserve currency.
Clinton feels that Biden needs to answer many questions concerning cryptocurrencies in America and their economic impact, however, he added that it might be difficult for them to find the time.
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.
It is clear that we need to create new rules in the Information Age.
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The Former Secretary of state made similar remarks last week at the Bloomberg New Economy Conference. She stated that crypto poses a threat to the stability and value of both the U.S. currency (the U.S. dollars) as well as the nation.
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:
China appears to want to block outside technology payments systems such as cryptocurrencies, so that they can’t play an important role in China. This could pose a direct threat against their sovereignty, I believe they realize this through their nationalism.
To the contrary, Senator Pat Toomey said in September that the China ban was beneficial for the United States. tweetedHe has his own view on the positives of economic freedom and innovation that Hillary Clinton fails to acknowledge.
Beijing is so against economic freedom, they can’t even allow their people to take part in the arguably most important innovation in finance for decades. Economic liberty results in faster growth and ultimately a better standard of living.
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 is adamant about cryptocurrencies but has stated that he will not support a ban but would prefer regulatory control on stablecoins.
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