Former Secretary of State Hillary Clinton has said that crypto currency markets need stricter regulation. This is to protect themselves against technological manipulation from Russia, China and others.
Stricter regulations for crypto markets
In a Nov. 24 interview with MSNBC TV news host Rachel Maddow, Clinton spoke about the manipulation of social media platforms by certain countries.
Clintons warned of all types of state and non-state entity technology that could be used to destabilize countries and the dollar as the world’s reserve currency. She said the following about this:
“There is now something on the horizon that people are only beginning to pay attention to. That is the need to regulate the crypto currency market. Imagine the combination of social media, amassing even greater sums of money through the control of certain crypto currency chains.”
The focus on social media platforms
“We’re not just looking at states like China, Russia or others using all kinds of technology to their advantage. We are looking at non-state actors, either in concert with states or with their own destabilizing countries, who are destabilizing the dollar as a reserve currency.”
In particular, her focus has been on how to combine social media platforms with crypto markets in a way to help state and non-state actors destabilize other countries. While she did not go into details, this could be done by manipulating markets, producing hypes or even causing a financial crash.
In recent years, several countries have used or considered cryptocurrencies to evade United States (US) economic sanctions. The Iranian government has spoken out publicly about cryptocurrencies. In early 2020, Saeed Muhammad, commander of the Islamic Revolutionary Guard Corps, specifically called on Iran to use cryptocurrencies to evade sanctions.
Perhaps most notably, North Korea has used crypto to fund its nuclear weapons program. The country has also used some privacy coins so as not to get caught.
In recent weeks, Clinton has spoken out against the problems cryptocurrencies can pose. This mainly focused on the issues surrounding the global dominance of the US dollar ($). At the Bloomberg New Economy Forum in Singapore on Nov. 19, she said that cryptocurrencies are an interesting technology. However, they can have negative effects on the US and other countries.