Hillary Clinton advocates for crypto regulation to protect the dollar’s global reserve status

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Hillary Clinton – former US first lady and secretary of state – recently called on the Biden administration to regulate the crypto markets. She said the technology could be “manipulated” by Russia and China, and even “destabilize” the dollar’s status as the world’s reserve currency.

Crypto vs. America

Clinton reaffirmed his anti-cryptocurrency stance on Wednesday in a conversation with MSNBC’s Rachel Maddow. His comments were part of a larger conversation about regulating tech companies to protect them from foreign influence.

After discussing the recent compliance of Google and Apple with Russian authorities, Clinton looked at the “on the horizon” issue of the crypto market. She expressed concern that “even larger sums of money” are being raised by Russia or China through “control” of certain cryptocurrency chains.

However, she believes crypto presents a threat that goes beyond nation states:

“We’re not just looking at states like China or Russia that are manipulating all kinds of technology to their advantage. We watch non-state actors – either in concert with states or alone – destabilize countries, [and] the dollar as the reserve currency.

Hillary Clinton. Source: NBC News

Hillary Clinton ran against Donald Trump in the 2016 US presidential election. Although they are opposed, the two agree on this issue. Trump has repeatedly denounced Bitcoin as a “scam” and claimed that it “takes an advantage” on the dollar’s global status.

What do China and Russia really think?

Despite Clinton’s theory, China has shown no outside support for cryptocurrencies outside of its digital yuan. The government banned all miners from its borders outright in May, causing it to lose influence over the Bitcoin hash rate it previously dominated.

However, Russia seems to have taken a more favorable position. Last month, the country’s vice finance minister said he had no intention of following in China’s hostile footsteps.

Meanwhile, Vladimir Putin has outright recognized crypto as a legitimate payment method. In particular, he sees it as a potential future alternative to dollars for the purchase of oil. As Clinton suspects, this would indeed weaken the strength of the dollar.

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