Hillary Clinton Advocates For Crypto Regulation To Protect Dollar’s World Reserve Status

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Hillary Clin­ton – for­mer first-lady and US Sec­re­tary of State – recent­ly called for the Biden admin­is­tra­tion to reg­u­late the cryp­to mar­kets. She said the tech­nol­o­gy could be “manip­u­lat­ed” by Rus­sia and Chi­na, and even “desta­bi­lize” the dollar’s sta­tus as the world reserve currency.

Crypto Versus America

Clin­ton re-affirmed her anti-cryp­tocur­ren­cy stance in con­ver­sa­tion with MSNBC’s Rachel Mad­dow on Wednes­day. Her com­ments were part of a larg­er con­ver­sa­tion on reg­u­lat­ing tech com­pa­nies to pro­tect them from for­eign influence.

After dis­cussing Google and Apple’s recent com­pli­ance with Russ­ian author­i­ties, Clin­ton piv­ot­ed to the issue “on the hori­zon”, being the cryp­to mar­ket. She showed con­cern over “even larg­er sums of mon­ey” being amassed by Rus­sia or Chi­na through the “con­trol” of cer­tain cryp­tocur­ren­cy chains.

How­ev­er, she thinks cryp­to presents a threat that goes beyond nation-states:

“We’re look­ing at not only states such as Chi­na or Rus­sia manip­u­lat­ing tech­nol­o­gy of all kinds to their advan­tage. We’re look­ing at non-state actors – either in con­cert with states or on their own – desta­bi­liz­ing coun­tries, [and] the dol­lar as the reserve currency.”

Hillary Clin­ton. Source: NBC News

Hillary Clin­ton famous­ly ran against Don­ald Trump in the 2016 US pres­i­den­tial elec­tion. Despite being pit­ted as polar oppo­sites, the two hap­pen to agree on this issue. Trump has repeat­ed­ly denounced Bit­coin as a “scam” and claimed that it “takes an edge” off the dollar’s glob­al status.

What Do China and Russia Really Think?

Despite Clinton’s the­o­ry, Chi­na has shown no out­ward sup­port for any cryp­tocur­ren­cies besides its dig­i­tal yuan. The gov­ern­ment out­right banned all min­ers from its bor­ders in May, caus­ing it to lose influ­ence over Bitcoin’s hash rate that it for­mer­ly dominated.

How­ev­er, Rus­sia does seem to have adopt­ed a more favor­able stance. Last month, the nation’s deputy finance min­is­ter stat­ed that they have no inten­tion to fol­low in China’s hos­tile footsteps.

Mean­while, Vladimir Putin has out­right rec­og­nized cryp­to as a legit­i­mate means of pay­ment. Par­tic­u­lar­ly, he sees it as a poten­tial future alter­na­tive to dol­lars for pur­chas­ing oil. As Clin­ton sus­pects, this would indeed weak­en the dollar’s strength.

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