"Democratic Primaries: Billionaire Bloomberg Proposes Cryptocurrency Framework, U.S. Presidential Futures Soar on Exchange"

Presidential candidate Michael Bloomberg has proposed a financial reform plan to advocate for clearer cryptocurrency tax policies, initial coin offering (ICO) regulations, and other safeguards to address future financial crises.

Michael Bloomberg Proposes Financial Reform Plan

U.S. presidential candidate Michael Bloomberg and his campaign team have officially released theFinancial Reform Plan, aimed at rebuilding America's financial future, strengthening the U.S. economy, and helping it recover from the "destruction caused by Trump" since the 2008 financial crisis. The plan emphasizes that to avoid a recurrence of the 2008 financial crisis, the U.S. economy must have higher security and transparency, and reform Wall Street to serve every American.

Among Michael Bloomberg's numerous financial proposals, it is mentioned that the government should establish a "clear cryptocurrency regulatory framework." Bloomberg believes:

"Cryptocurrency has become a multi-billion dollar asset class, but regulatory oversight is still fragmented and underdeveloped. There is still a lot of speculation, fraud, and other criminal activities surrounding blockchain, Bitcoin, and initial coin offerings."

Five Key Points of the Regulatory Framework

Specifically, Michael Bloomberg's plan focuses on the following key principles for cryptocurrency regulatory reform:

• Clarifying the responsibility for supervising cryptocurrencies.
• Defining security token offerings and providing a legal framework for initial coin offerings.
• Protecting consumers from cryptocurrency-related fraud.
• Clarifying how cryptocurrency investments will be taxed.
• Defining the capital and related requirements for financial institutions holding cryptocurrencies.

A Dark Horse Emerges

Although Michael Bloomberg only joined the U.S. presidential race on November 24th last year, according toreports, he has already invested millions of dollars in advertising, showing his strong intent to win. As of today, he has about 16% in U.S. polls and is ranked third in the FTX 2020 presidential contract.

If Michael Bloomberg is elected and fulfills his campaign promises, it will help guide the development of cryptocurrencies towards a more mature, secure financial system. Two other U.S. presidential candidates, Eric Swalwell and Andrew Yang, have also discussed cryptocurrency-related issues before, but both candidates have now dropped out after failing in the primaries.

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• U.S. Presidential Candidate Andrew Yang Plans to Regulate the Cryptocurrency Industry

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