Hillary Clinton wants crypto regulation to protect the dollar's reserve status

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Former secretary of state Hillary Clinton has called for increased regulation of cryptocurrency markets in an interview with MSNBC. 

Clinton cited the combination of social media algorithms and the amassing of large sums of money through the control of cryptocurrencies, as a potential issue for the status of the U.S. dollar. She then called on the Biden administration to regulate the market. 

"We're not only looking at states like Russia or China, but we're also looking at non-state actors destabilizing states [and] destabilizing the dollar as the reserve currency," she said. "There are so many big questions that the Biden administration must address."

This interview echoes comments Clinton made last week. The former Democratic presidential candidate told the Bloomberg New Economy Forum in Singapore that she believes it has the power to destabilise nations of any size. 

Her statements come at a time when states around the world are seeking to create regulatory frameworks for digital assets. On Wednesday, the Council of the European Commission adopted two proposals for digital assets that would mitigate cyber threats and focus on consumer protection. The Indian government is also currently eyeing up a new crypto bill, with an upcoming winter parliament session to discuss crypto's part in the Indian economy after floating a bill in 2019 that sought to ban crypto assets.

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May 5, 2022, 3:17PM UTC
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