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2020 US Presidential Candidate Andrew Yang thinks it’s time “for the federal government to create clear guidelines as to how cryptocurrencies/digital asset markets will be treated and regulated so that investment can proceed with all relevant information.”
In his brief, Yang talks of how cryptocurrency has grown quickly to represent a large slice of the economic pie, but that the industry has grown quicker than the regulators can keep up with. What the US is left with is a country with cryptocurrency laws that differ between states and no clear way to move forward.
“States have come up with a patchwork of varying regulations that make it difficult for the US cryptocurrency markets to compete with those in other jurisdictions, especially China and Europe.”
The crypto industry isn’t generally in favor of more regulation so it may seem odd that Yang’s stab at policies that are intended to increase innovation is to impose more regulation. However, his statement about competing with Europe and China suggests that he believes it’s having inconsistent regulation that is holding the US back, and that may be true. Cryptocurrency firms may currently feel cautious about some of their crypto endeavors because they don’t know what’s around the corner for regulation in their state.
Yang is a member of the Democratic Party and is fairly popular with cryptocurrency enthusiasts. Yang talks about blockchain technology and cryptocurrency via his Twitter account and also started accepting campaign donations in Bitcoin, Ethereum and some other crypto coins (similar to some other politicians).
Yang identified three cryptocurrency problems to be solved:
- 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 in causing US investment in the area to lag behind the investment of other countries.
He also identified one goal to create clear guidelines in the digital asset world so that businesses and individuals can invest and innovate in the area without fear of a regulatory shift.
He goes on to say he will promote crypto legislation that provides clarity by defining what a token is, providing consumer protection, clarifying the tax implications of owning, selling and trading crypto, and attempt to create one national framework for the industry.
It’s clear that despite the desire for crypto regulation, Yang is a supporter of cryptocurrency and blockchain technology, stating:
“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.”
It is important to note that Yang is not one of the leading presidential candidates of the Democratic Party; yet, the current dynamics of US politics is volatile almost as much as the crypto market, so who really knows?