The crypto community now has a Democratic presidential candidate that supports it. Andrew Yang is an entrepreneur that is vying for the US presidential seat in the coming year. Yang said he would like to see better crypto and blockchain regulatory frameworks. According to him, better rules can help encourage innovation in the crypto and blockchain space.
During the Consensus conference in New York yesterday, Yang said,
I believe that blockchain needs to be a big part of our future.
If I’m in the White House, oh boy are we going to have some fun in terms of the cryptocurrency community.
Yang Drafts a Regulatory Framework
The crypto community took in Yang after he published a framework for regulation.
The framework states that,
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 also notes that there are several crypto-related problems that need to be addressed. These are,
- The crypto market has grown at a rate that challenges the current regulations
- Different states have conflicting and varying rules that govern the crypto space
- Regulatory uncertainty has seen the US come after other countries when it comes to investing in the crypto space.
According to Yang, if elected, his goal will be creating clear guidelines in the crypto sector. In so doing, US businesses and citizens will be in a position to invest and innovate in the industry.
He also aims to,
- Define what a token is and when it changes to becomes a security
- Stipulate which federal bodies have regulatory power over the crypto sector
- Ensure consumer protection
- Explain the tax obligations of owning and trading crypto
- Preempt state regulation where possible to develop a national regulatory framework
Yang does not own any crypto. However, he invests in vehicles that have crypto holdings. His campaign is also accepting crypto donations.
Current Regulations are Unfair
The presidential candidate believes that the current regulations are unfair to anyone trying to come up with new technology such as crypto.
In an interview, he noted that,
If you’re a builder it’s just ‘look, tell me what the landscape’s going to look like and we’ll figure it out from there’ but no one knows what the landscape will look like.
This news comes as the crypto market continues rallying after overcoming the 2018 crypto winter. Most of the crypto market is green according to data from Coinmarketcap.
Do you think Andrew Yang will adhere to his promises regarding the crypto space if he gets elected as president? Let us know in the comments below.
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