Hillary Clinton says cryptocurrencies threaten the US dollar

Former First Lady of the United States and 2016 presidential candidate Hillary Clinton said that 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 question, which I hope national 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 with them has the potential to undermine currencies, undermine the dollar’s role as a reserve currency, and destabilize countries, initially small ones perhaps, but with a move toward much larger ones,” she said during a panel discussion at the Bloomberg New Economy Forum.

Matt Odell, a well-known community member, noted that Clinton is trying to shift blame for the dollar’s weakness onto a relatively new industry.

“It’s like blaming lifeboats for the sinking of the Titanic rather than the ship’s designers or crew,” he said.

He was echoed by Preston Pysh, author of books and podcaster. In his view, the current situation calls for blaming monetary regulators and Congress, which for a long time adhered to 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

“I fully agree with her that this is a potential threat, but my reaction is altogether different. This is not a threat that can be attacked like terrorism. It is a new technological innovation. You cannot fight it. You must accept it and own it,” Zhao said in a conversation with Smith.

Clinton’s comment followed the controversial tax-reporting requirements for participants in the cryptocurrency industry contained in the infrastructure plan.

The infrastructure bill proposes that, depending on how the definition of ‘broker’ is interpreted, miners and node operators in blockchains, wallet developers, liquidity providers in DeFi protocols and non-custodial players may be required to report to the IRS on the activities of their clients.

As noted, the U.S. Congress proposed to change the definition of ‘broker’ in the infrastructure bill.

Read ForkLog’s Bitcoin news in our Telegram — cryptocurrency news, prices and analysis.