Hillary Clinton believes China and Russia are manipulating the cryptocurrency market.
Have cryptocurrencies found their new muse? In any case, Hillary Clinton seems to have made it her new favourite subject. Just days after issuing her first criticisms, the former presidential candidate in the United States returned to the charge on Thursday. She believes China and Russia are manipulating the digital asset market, posing a US dollar (USD) danger.
Hillary Clinton takes on cryptocurrency once again.
Would Hillary Clinton follow in the footsteps of Christine Lagarde in Europe? The President of the European Central Bank (ECB) indeed seems to have gone on a crusade against Bitcoin (BTC) and cryptocurrencies since the start of 2021. Sometimes Christine Lagarde attacks stablecoins. Sometimes she confirms that they are not currencies. But the President of the ECB must now be reassured to see that she has found a partner of choice across the Atlantic, namely Hillary Clinton.
The former secretary of state in the Obama administration said last week that crypto-assets could weaken the dollar and destabilize nations. Now, she claims states like China and Russia are manipulating the cryptocurrency market.
Hillary Clinton particularly worried about the influence of China and Russia
The unsuccessful candidate for the 2016 US presidential election urges the Biden administration to regulate cryptocurrencies more strictly. Indeed, according to Clinton, state and non-state actors are manipulating the market to destabilize the dollar.
In her argument, Hillary Clinton mentioned the blocking of certain Russian opponents on social networks. According to her, it would be facilitated by cryptocurrencies. The latter would indeed be used to accumulate larger sums of money available on social networks.
In addition, she adds:
“We don’t just see states like China or Russia manipulating technology of all kinds to their advantage. We are looking at non-state actors, either in concert with states or alone, destabilizing countries, destabilizing the dollar as a reserve currency.“
In summary, Hillary Clinton seems to have a lot of confusion between the manoeuvres of China and Russia regarding the practice of online censorship and cryptocurrencies. However, we know that a state like China is now in direct opposition to BTC and others.
Certainly, American institutions are regularly targeted by ransomware ( ransomware ), demanding ransom in cryptocurrency. But this is unrelated to market manipulation. Likewise, the legitimacy of the dollar is not called into question when criminals accept payments in USD.
Clinton calls on Biden administration to regulate cryptocurrency.
Beyond Clinton’s questionable claims about China and Russia, she nevertheless insists on the need to regulate cryptocurrencies as quickly as possible. To do this, she appeals to the Biden administration, which seems to agree with the idea.
It would not be very ethical to say that Hillary Clinton’s statements are nothing but a smile. Indeed, it seems proven that certain entities linked to the Russian intelligence services would use cryptocurrencies to finance themselves. Still, using digital assets is one thing; manipulating the market is another.
The Biden administration has taken the lead in legislating more strictly cryptocurrencies, starting with stablecoins. Often backed by the dollar, the latter is now under the Securities and Exchange Commission (SEC), the American financial regulator.