Bloomberg announced a financial reform plan on Tuesday, advocating for stronger consumer protections and a stronger financial system. In particular, the proposal proposes that financial institutions monitor risk exposure, record all financial transactions in a centralized database, strengthen the Bureau of Financial Consumer Protection and a number of other recommendations. The proposal also recommends creating a regulatory “sandbox” for startups and “providing a clear regulatory framework for cryptocurrencies”.

“Cryptocurrencies have become a class of assets worth hundreds of billions of dollars, but regulatory oversight remains fragmented and underdeveloped. Despite all the promises of blockchain, bitcoins and initial coin offerings, there is also a lot of hype, fraud and criminal activity,” he said.

The Bloomberg Plan recommends clarifying which agencies are responsible for oversight of the space, creating a basis for figuring out when tokens are securities, “protecting consumers from cryptocurrency fraud,” clarifying the tax regime and determining the requirements for financial institutions at this location.

Bloomberg was the last of a small group of presidential candidates to tackle cryptocurrency during their campaign, followed by Rep. Eric Swaelwell (California) and Andrew Young, both of whom have since dropped out of the race.

Presidential candidate Michael Bloomberg proposed creating a regulatory framework for cryptocurrencies.

In the new plan for financial reform, he proposes to create a regulatory isolated environment for startups, provide a “clear regulatory framework for cryptocurrencies”, create a centralized database for financial transactions, define a list of regulatory authorities for the cryptocurrency market and introduce the taxation of cryptocurrency transactions.

Bloomberg promises that he will support innovation in the field of fintech technology, creating a safe environment for entrepreneurs and a regulatory framework for cryptocurrencies.

Bloomberg was the last of a small group of presidential candidates who raised the issue of cryptocurrency regulation during their campaign. Following Rep. Eric Swawell (California) and Andrew Young, who had already retired, Bloomberg said:

Cryptocurrencies have become a class of assets worth hundreds of billions of dollars, but the supervision and control of this area remains fragmented and undeveloped.