The former presidential candidate of the United States, Hillary Clinton, has aired out her concerns on the potential of cryptocurrencies in destabilizing the countries’ economy and also undermining the role of the US Dollar as a reserve currency.
The presidential candidate spoke in an interview with MSNBC on the need to set up rules in the U.S. that will guide the new Information Age and also ensure that proper regulations as in place for the use of social media and cryptocurrency. She affirms that the current laws in the country cannot cater to what the country is facing in the new Information Age.
Clinton spoke on how powerful technology and social media are, including their power to influence foreign and domestic elections. As a result, she called on the government to take necessary legislative actions to control the companies’ operations.
Adding to this, she spoke on the need to regulate the crypto space as well, as the combination of social media algorithms with the control of a huge amount of money through blockchains can be manipulative. This is not just a state like Russia and China trying to be defensive through technology manipulation. It is the introduction of non-state actors (either with state approval or individualistic approach) trying to destabilize the economy or even render the US Dollar as a reserve currency powerless.
Also read:The 2016 presidential election candidate added that there is a long list of questions that need to be addressed by the Biden administration, and there is no luxury of time to debate them.
Recent weeks have had Clinton vocal on cryptocurrencies. Just last week, she was speaking in a panel discussion named New Economy Forum on Bloomberg, where she reiterated her fears on the disruptive nature of cryptocurrencies when placed side by side with the US Dollars.
Clinton is the latest on the list of prominent politicians to air their opinions on crypto technology. Another female politician to have done that is Senator Elizabeth Warren, who seems to be the only opponent to crypto on the democratic side. Last year, she consistently raised alarms on the disruptive nature of cryptocurrencies, especially the environmental concerns that come with mining. She even went as far as likening it with snake oil and drugs.
On the other hand, Eric Adams, the mayor-elect of NYC, and Francis Suarez, the mayor of Miami, have been unapologetically supportive of crypto technology. Recently, they pledged to start issuing paychecks in bitcoin.
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