Andrew Yang Thinks US Needs To Change Its Approach On Crypto Regulation

The democratic presidential candidate Andrew Yang thinks that the United States needs a consistent legal framework for regulation cryptocurrency if it wants to be a market leader. Yang spoke to Bloomberg this Thursday and said that the current regulatory situation is very confusing and potentially harmful to individuals as well as businesses working in the space.

“Right now we’re stuck with this hodgepodge of state-by-state treatments and it’s bad for everybody. It’s bad for innovators who want to invest in the space,” he said.

Andrew Yang thinks that things need improvement and noted that “the underlying technology of cryptocurrencies is very, very high potential and we should be investing in it.”

“We need to have a uniform set of rules and regulations around cryptocurrency use nationwide.”

For those of you who don’t follow our cryptonews regularly, you should know that the US as a country does not have a clear legal framework for cryptocurrencies. Even though some states such as New York have created a licensing framework for crypto businesses, a lot of regulators rely on a combination of decades-old precedents, conventions and occasional guidance from federal regulators.

Andrew Yang thinks that all of this needs to change soon. In his opinion, the country needs this in order to move forward. 

What’s also important to note is the fact that the Securities and Exchange Commission (SEC) has classified all initial coin offerings (ICOs) as securities sales based on a precedent from a 1940s ruling over one Floridian orange farmer. Legal experts have criticized the regulator afterwards for under specifying the key areas such as failing to define what an “active participant” really is.

Anyways, the term “regulation cryptocurrency” is more and more viral even on Google Trends and coupled with the statements from Yang, it could really push the regulators for a clearer framework in the future.

Andrew Yang thinks that cryptocurrencies will become a major part of everyday life. In fact, his campaign is run on a pro-technology ticket and we often feature him in the Bitcoin news for his attempt to contribute towards an official policy on cryptocurrency.