US Presidential candidate Mike Bloomberg proposes new regulatory framework for cryptocurrencies

Today the Bloomberg campaign published a financial reform plan, which included a proposal for clearer cryptocurrency regulations. The proposal includes:

• Clarifying responsibility for overseeing cryptocurrencies.
• Providing a framework for ICOs by defining which tokens are securities
• Protecting consumers from fraud
• Clarifying how investments in cryptocurrencies will be taxed
• Defining requirements for institutions holding cryptocurrencies

Why it matters:

• The proposal outlines a comprehensive set of new rules that would provide the US cryptocurrency industry with much needed regulatory clarity.
• Former presidential candidate Andrew Yang was previously the only candidate who had given significant thought to cryptocurrency regulation. Since he dropped out of the race last week it had been unclear if any presidential candidate would pick up the baton where he left off