During an MSNBC interview, Hillary Clinton continued to propose hypothetical scenarios in which cryptocurrencies could destabilize the United States and urged the Biden administration to regulate them, fearing that state and non-state actors are manipulating the role of the U.S. dollar .
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Cautioned that people are only beginning to see the need to regulate cryptocurrency markets, Clinton called to envision “the combination of social media, the algorithms that power social media, the accumulation of even larger sums of money by controlling certain cryptocurrency chains.” .
The former presidential candidate has previously voiced her unfriendly views on cryptocurrencies and viewed them as a threat to the United States.
Likewise, for Clinton, the nations of China and Russia are manipulative obstacles for the country.
We don’t just look at states like China or Russia or others that manipulate technologies of all kinds to their advantage, we look at non-state actors, either in agreement with states or alone, who destabilize countries, the dollar as the reserve currency.
Believing the Biden administration to answer many questions about the role of cryptocurrencies in the U.S. nation and its economy, Clinton added that it may not have much time to do so.
The former foreign minister hopes that the current administration will try to work “exactly” as it thinks best based on what she “has heard from them,” which means that their views and regulations are in line with their hostility.
We certainly need new rules for the information age, because our current laws, our framework, are simply not sufficient for what lies ahead.
Is the US marching towards more crypto-hostility?
Last week, the former Secretary of State issued a similar warning during the Bloomberg New Economy Conference, where she stated that crypto poses a risk to the stability of the US nation and currency (the US dollar).
Clinton believes that the “interesting and somewhat exotic effort” of crypto mining may undermine the role of the dollar and appeared to be considering a total ban on cryptocurrencies similar to China’s:
It seems like China is preventing external technology payment systems, such as the development of cryptocurrencies, from playing a major role in China. I think they realize, perhaps sooner than other nations, because of their nationalism, that this could be a direct threat to sovereignty.
On the other hand, Senator Pat Toomey had already said in September that the China ban was an advantage for the United States and tweeted his own opinion on the benefits of innovation and economic freedom that Hillary Clinton still cannot match.
Beijing is so hostile to economic freedom that it cannot even allow its people to participate in what is arguably the most exciting financial innovation in decades. Economic freedom leads to faster growth and ultimately a higher standard of living for everyone.
In addition, Jerome Powell has just been named chairman of the US Federal Reserve to address accelerating inflation and other challenges facing the country’s economy. Powell was suspicious of cryptocurrencies, but has also stated that he would opt for regulatory controls of stablecoins rather than a ban.
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