Crypto Regulation: Hillary Clinton Wants The US To Forestall China and Russia
In the last few years, the cryptocurrency industry has grown in leaps and bounds to the point where governments are taking a much deeper look into it. The concept of cryptocurrencies sets every government on its toes, given the nature of decentralized digital asset technology. This has induced serious calls for governments to introduce crypto regulations.
A former US presidential candidate has now joined the calls for stronger crypto regulations. Hillary Clinton, who also served as a Secretary of State, wants the US to forestall manipulation by China and Russia. Clinton believes that those countries might edge out the US using the power of cryptocurrencies.
According to Clinton, other countries may have the advantage of undermining the US Dollar through a combination of cryptocurrencies and social media platforms. She also noted that social media platforms have been used by politicians to influence public opinion during elections. The combination of those two technologies can give any country immense power.
Concerns for Crypto Regulation is Growing
Clinton’s worries echo the worries of many other US government officials who have seen how cryptos can be used negatively. Concerns about decentralized digital technology have increased in recent months due to unprecedented interest and adoption of cryptos. In September, El Salvador adopted Bitcoin as a legal tender.
This concern is legitimate and worrisome, given that countries such as North Korea have used cryptocurrencies to raise funds for nuclear weapons development. Other countries, most notably Iran, have turned to cryptos to help circumvent the US sanctions on their economy. The ease of creating crypto coins and minting private coins makes it easier to transact without the government’s knowledge.
And this is where Clinton is concerned that the US might be open to exploitation. Clinton has never hidden her dislike for cryptocurrencies and has repeatedly called for stronger regulations to be placed on them. On November 19, she spoke in Singapore about the negative effects that cryptocurrencies could have on the US economy.
She however agreed that they are “exciting” and could be useful as a technology. But amidst the rising ransomware attacks in the US, the biggest companies based there have all embraced cryptocurrency fully or partially. Institutions are also committing large amounts of money to fund research and projects geared towards understanding and adopting cryptos.
Will Cryptocurrencies Be Regulated in The US?
As of writing, there is no official information regarding regulations for the crypto industry. Recently, President Joe Biden signed the $1 Trillion Infrastructure Bill into law. The law has a section that introduces tougher rules regarding crypto taxation. The law requires crypto transactions above $10,000 to be officially reported with the details of the sender.
But the chairman of the US Securities and Exchange Commission, Gary Gensler, has said that the US is not interested in crippling the crypto industry but wants to make it safe and secure for everyone that wants to participate. Crypto regulations might be made in the future, but the crypto community can expect a softer effect.
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