thecoinrise.com
Hillary Clinton, former secretary of state, said that crypto markets need a strong regulatory framework to protect investors from market manipulation by countries like China and Russia.
During her recent interview with Rachel Maddow, MSNBC TV news host, on November 24, she talked about social media platforms’ contribution to market manipulation of specific countries.
Clinton’s warning included “all types of technology,” which she warned might be used by states and non-state actors to destabilize countries and the dollar’s status as the world’s reserve currency. Before this as TheCoinRise reported, Clinton has already spoken out against crypto, asserting that crypto has the potential to destabilize the nations.
She added that another issue on the horizon is the necessity to regulate the cryptocurrency market, which is something that people are only now becoming conscious of. She further noted:
“Imagine the combination of social media, the amassing of even larger sums of money through the control of certain cryptocurrency chains.”
She added that it’s not all about countries like Russia, China, or others, but it is also about non-state actors, either on their own or in concert with states.
Market manipulation by non-state actors
Notably, as TheCoinRise reported, institutions like the Fed have many times created market manipulation. She didn’t clarify whom she was referring to while talking about non-state actors, but it seemed like big market pundits like JPMorgan, who is known for creating panic and excitement as per its requirement. Another name in the list might include Elon Musk, who, with a huge following on Twitter, changes the market mood within minutes, which is also called the “Musk effect.”
She especially talked about how social media platforms, which have been used to sway elections through misrepresentation, may be linked with cryptocurrency markets to aid state and non-state actors in destabilizing other nations. Such methods include market manipulation, creating hype, or even using social media troll farms to orchestrate an economic collapse.
In recent years, countries have used or publicly discussed utilizing cryptocurrencies to bypass US economic sanctions.