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Former Democratic presidential candidate, Hillary Clinton, calls for clarity on cryptocurrencies as she spoke with MSNBC on Tuesday. She urged the Biden administration to regulate the crypto markets as she elaborated on her crypto statement of last week where she said that crypto has the potential to undermine national currencies and destabilize nations. In addition, she warned that blockchain technology could be used by countries like China and Russia to do harm, to the United States for example.
Noting that “it’s on the horizon that people are only beginning to pay attention to,” Clinton said that there is “a need to regulate the cryptocurrency markets.”
“Imagine the combination of social media, the algorithms that drive social media, the amassing of even larger sums of money through the control of certain cryptocurrency chains,” Hillary said, adding:
We are looking at not only states, such as China or Russia or others, manipulating technology of all kinds to their advantage, we are looking at nonstate actors, either in concert with states or on their own, destabilizing countries, destabilizing the dollar as the reserve currency.
According to the former secretary of state, crypto is one of the many things that need work. “There are so many big questions that the Biden administration must address”, she said.
She continued:
“I just don’t think we have much time, and, therefore, I hope from everything I’m hearing from them that that’s exactly what they’re going to try to do,”
“We certainly need new rules for the information age, because our current laws, our framework, it is just not adequate for what we are facing.”