Former US First Lady and 2016 Presidential Runner Hillary Clinton said cryptocurrencies could undermine the dollar’s status as a global reserve currency.
the equivalent of blaming life boats for the Titanic sinking rather than the ship designers or crew pic.twitter.com/okN88AmPxR
– ODELL (@ODELL) November 19, 2021
“Another issue that I hope nation states will pay attention to is the rise of cryptocurrencies. What looks like a very interesting and somewhat exotic attempt to literally create new coins to trade in them has the potential to undermine currencies, undermine the role of the dollar as a reserve currency, to destabilize countries, at first small, perhaps, but moving to much larger ones. ” She said during a panel discussion at the Bloomberg New Economy Forum.
Well-known community member Matt Odell noted that Clinton is trying to shift the blame for the dollar’s weak position onto a relatively new industry.
“It’s like blaming the lifeboats for the sinking of the Titanic, not the ship’s designers or crew,” he said.
He was supported by book author and podcaster Preston Pysh. In his opinion, the current situation is to blame the monetary regulators and the Congress, which for a long time adhered to an ineffective policy.
More like: Relentless double-digit debasement by central banks for decades forced ALL interest rates in the world to now have negative real yields due to people like her (both parties) who had fiscal spending policies that grossly exceeded tax receipts for decades on end … https://t.co/s1ffLAKZUt
– Preston Pysh (@PrestonPysh) November 19, 2021
Rather: Continuous double-digit depreciation by central banks over decades has resulted in all interest rates in the world now having negative real returns due to people like her (both parties) pursuing fiscal spending that far outstrips tax revenues. – he wrote.
According to Columnist for The New York Times Ben Smith, the head of the Binance cryptocurrency exchange Changpeng Zhao agreed with Clinton, but stressed that it was useless to fight this “threat”.
It’s not a threat you can attack like terrorism, he said. “It’s a new tech innovation. There’s no way to fight it.
You should embrace it, and own it. “
– Ben Smith (@benyt) November 19, 2021
“I quite agree with her that this is a potential threat, but my reaction is completely different. This is not a threat that can be attacked like terrorism. This is a new technological innovation. It is impossible to fight it. You have to accept it and own it, ”Zhao said in a conversation with Smith.
Clinton’s comment followed controversial tax reporting requirements for cryptocurrency industry participants contained in an infrastructure plan.
The latter assumes that, depending on the interpretation of the definition of “broker”, before IRS miners and node operators in blockchains, wallet developers, liquidity providers in DeFi protocols and non-custodian players should report on the activities of their clients.
Recall that the US Congress proposed to change the definition of “broker” in terms of infrastructure.
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