Andrew Yang, the pro-bitcoin presidential candidate looking to take on the current U.S. president Donald Trump come 2020 has called for clear crypto regulations. Yang actually believes that the Blockchain technology has great potential, and implementing clear guidelines on crypto coins will pave way for greater innovations.
In a statement published on his campaign website, Yang outlined that the government has failed to come up with a national framework for regulating crypto and other digital assets. Yang believes that if these regulation guidelines are set, both businesses and individuals can invest in digital assets without fear of a regulatory shift.
According to his statement;
“Investment in cryptocurrencies and digital assets has far outpaced our regulatory frameworks in the US. We should let investors, companies, and individuals know what the landscape and treatment will be moving forward to support innovation and development. The blockchain has vast potential.”
The Pro-Crypto President
According to Yang, there are three major problems that need to be addressed, including;
- Cryptocurrency and digital asset markets have developed faster than regulations can keep up.
- Several states have conflicting and varying regulations on digital asset markets.
- Uncertainty in what regulatory framework will develop is causing US investment in the area to lag behind the investment of other countries.
Yang is a tech-savvy lawyer as well as the founder of the non-profit platform that aims to revolutionize American cities through entrepreneurship, Venture for America. His platform, backed by the Democratic Party, supports several initiatives, including; Universal Basic Income (UBI), Medicare for all, and currently, Cryptocurrency adoption.
As part of his presidential campaign, Yang promises to;
- Promote legislation that provides clarity in the crypto ecosystem by ‘’defining what a token is, and when it is a security, defining which federal agencies have regulatory power over the crypto/digital assets space, providing for consumer protections in the space, clarifying the tax implications of owning, selling, and trading digital assets, promoting the nationwide adoption of recognition of protections afforded by a series LLC and pre-empting state regulations when possible to create one national framework.’’
- Work with the sponsors of the Token Taxonomy Act and Wyoming legislators so as to fulfil the promises above.