Facebook, Inc. (NASDAQ:FB) – Bloomberg Promises ‘Clear Regulatory Framework’ For Cryptoc…

Democratic Presidential candidate Michael Bloomberg on Tuesday proposed creating a “clear regulatory framework” on cryptocurrencies as part of financial reforms if he is elected president in the upcoming elections.

What Happened

“Cryptocurrencies have become an asset class worth hundreds of billions of dollars, yet regulatory oversight remains fragmented and undeveloped,” a document released by the Bloomberg campaign on Tuesday said. “For all the promise of the blockchain, Bitcoin and initial coin offerings, there’s also plenty of hype, fraud and criminal activity. Mike will work with regulators to provide clearer rules of the [game.]” The said plan of Bloomberg includes clarifying which agency will have regulatory oversight over cryptocurrencies, provide a framework for initial coin offerings, define whether and which tokens are securities, protect consumers from fraud, give a clear stance on tax implications, and establishing a standard for financial institutions…