During MSNBC interview, Hillary Clinton continued to present hypothetical scenarios that cryptocurrencies may destabilize the United States, and called on the Biden administration to supervise them because she was worried about the role of state and non-state actors in manipulating the U.S. dollar.
Clinton warned that people have only just begun to see the need to regulate the cryptocurrency market, and called on the imagination “the combination of social media, the algorithm that promotes social media, and the accumulation of greater funds by controlling certain cryptocurrency chains,”
The former presidential candidate has previously expressed her unfriendly views on cryptocurrency, seeing it as a threat to the United States.
Similarly, for Clinton, China and Russia are obstacles to manipulation in the country.
We are not only concerned about China, Russia or other countries using various technologies for their own benefit, we are also concerned about non-state actors, whether cooperating with the country or acting alone, destabilizing the country and destabilizing the U.S. dollar as a reserve currency.
Clinton believes that the Biden administration needs to address many questions about the role of cryptocurrencies in the United States and its economy, but added that they may not have much time to do so.
The former Secretary of State hopes that the current government will try to operate “fully” in the way she thinks is best based on what she “heard from them,” which means that their views and regulations match her hostility.
We certainly need new rules in the information age, because our current laws and our framework are not enough to deal with the situation we face.
Is the United States moving towards more crypto hostility?
Last week, the former Secretary of State issued a similar warning on Bloomberg. New Economy Conference, She stated there that encryption poses a risk to the stability of the U.S. country and currency (USD).
Clinton believes that the “interesting and somewhat peculiar effort” of cryptocurrency mining will weaken the role of the U.S. dollar, and seems to consider a total ban on cryptocurrencies similar to China:
It seems that China will prevent the development of external technological payment systems, such as cryptocurrency, from playing an important role in China. I think they may realize earlier than other countries that this may be a direct threat to sovereignty and give them nationalism.
On the other hand, Senator Pat Toomey said in September that the Chinese ban is beneficial to the United States and the United States. Tweet Hillary Clinton is still not close to his own views on the benefits of innovation and economic freedom.
Beijing is so hostile to economic freedom that they can’t even tolerate the participation of its people in arguably the most exciting financial innovation in decades. Economic freedom leads to faster growth and ultimately improves the living standards of all people.
In addition, Jerome Powell has just been appointed as the chairman of the Federal Reserve Board in response to accelerating inflation and other challenges facing the national economy. Powell has always been cautious about cryptocurrencies, but he also said that he will not choose a ban, but choose to exercise regulatory control over stablecoins.