Understanding presidential candidate Michael Bloomberg's plan for cryptocurrency regulation

On Wednesday, Democratic presidential candidates participated in the last debate before the Nevada caucuses on Saturday.

Michael Bloomberg hasn't participated in a debate yet and won't be competing in Nevada, his candidacy has drawn a lot of attention.

Bloomberg, the former mayor of New York City, is currently polling at third.

Place in the Democratic primary nomination and, earlier today, he announced his plan.

For "Financial Reform" which included plans for cryptocurrency regulation.

Prior to running for President, in an interview on his Bloomberg channel alongside former Goldman Sachs chief Lloyd Blankfein in 2017, Bloomberg answered "Not in our lifetime" when asked about when businesses would need to have a "Bitcoin strategy".

Cryptocurrency regulationAlong with the optimistic view of crypto, Bloomberg's plan recognizes that "Regulatory oversight remains fragmented and undeveloped" and that the crypto community still has "Plenty of hype, fraud and criminal activity".

Among the regulatory changes, he would like to make as President, the plan outlines clarifying who is in charge of the cryptocurrency regulation, creating clear guidelines for investments and ICOs, and putting the protection of consumers at the forefront of this push for innovation.

ConclusionDemocratic candidates have already shared a variety of views on Bitcoin and crypto.

As the 2020 election campaign continues, it will be deeply interesting to see how Michael Bloomberg's plan for regulating cryptocurrencies is developed and whether other Democratic candidates will support similar initiatives.