Hillary Clinton, former first lady and US Secretary-of-State, recently called on the Biden administration regulate crypto markets. She stated that the technology could be “manipulated” by Russia and China and “destabilize” America’s status of world reserve currency the dollar.
Crypto Versus America
In a conversation with Rachel Maddow, MSNBC’s Rachel Clinton on Wednesday, Clinton reiterated her anti-cryptocurrency position. These comments were part of a wider conversation about regulating tech companies in order to protect them against foreign influence.
After discussing Google’s and Apple’s compliance with Russian authorities recently, Clinton shifted to the “on the horizon” issue of the crypto market. She expressed concern about “larger sums of money” being amassed in Russia and China by the “control” over certain cryptocurrency chains.
She believes that crypto poses a threat to more than just nation-states.
“We aren’t just looking at states like Russia or China manipulating technology to their advantage. Non-state actors, whether they work in concert with or independently of states, are also being considered.
Hillary Clinton. Source: NBC News
Hillary Clinton ran against Donald Trump in 2016’s US presidential election. Despite being polar opposites, they actually agree on this issue. Trump repeatedly decried Bitcoin as a “scam”, and claimed it “takes an advantage” over the dollar’s global status.
What do China and Russia really think?
China, contrary to Clinton’s theory has not shown any outward support for cryptocurrencies other than its digital yuan. In May, the government banned all miners from its borders, which caused it to lose control over Bitcoin’s hashrate that it used to dominate.
Russia seems to be taking a more positive stance. The nation’s deputy finance Minister stated last month that they are not planning to follow China’s lead.
Vladimir Putin has also declared crypto a valid payment method. He sees crypto as an alternative to dollars for buying oil. Clinton believes that this would actually weaken the dollar’s power.
Marla Brooks – Financial Analysis
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