US Presidential Candidate Andrew Yang Wants To Regulate Crypto

The Democratic 2020 US presidential candidate Andrew Yang has recently outlined his plans on regulating cryptocurrency and the entire industry. On November 14, Yang wrote a blog post which put him in the focus of the latest cryptocurrency news for stating his plans on regulating crypto.

As an entrepreneur, lawyer, philanthropist and a Democratic candidate in the 2020 United States presidential election, Yang is a popular authority in the US now. His blog post is centered around the tech industry and how cryptocurrencies experience the levels of fraud they do because of the lack of adequate reactions.

“Other countries, which are ahead of us on regulation, are leading in this new marketplace and dictating the rules that we’ll need to follow once we catch up,” he said.

The US presidential candidate Andrew Yang also explained that cryptocurrencies and digital assets already compose a big portion of the economic activity. However the government response has lagged.

“A national framework for regulating these assets has failed to emerge, with several federal agencies claiming conflicting jurisdictions,” he said.

In his own plan to regulate the tech industry and protect the US citizens from big tech companies “which are prioritizing profits over our well-being” as he said, Yang promises to promote complete legislation on the crypto asset market space. The US presidential candidate Andrew Yang will also define what a token is, when a token is a security, and what are the tax implications of owning, selling and trading digital assets, among others.

Yang also pointed out that in order to effectively regulate these technologies (blockchain and crypto), the US government first needs to understand them. The US presidential candidate is specifically referring to the Financial Services Committee (FSC) which is the body that questioned the Facebook CEO Mark Zuckerberg for over six hours and was in the Libra news for the upcoming Libra token.

Yang concluded with the following statement:

“It’s embarrassing to see the ignorance some members of Congress display when talking about technology, and anyone who watched Congress question Mark Zuckerberg is well aware of this. Without a base level of understanding, it’s unreasonable to expect proper regulation of major tech companies, or the drafting of legislation that addresses the critical technological issues that we’ll continue to face in artificial intelligence and cybersecurity.”