Andrew Yang, the presidential candidate for the 2020 elections recently released a statement on cryptocurrency according to which he would bid to regulate virtual assets if he was elected. The 2020 elections are taking a different turn.
If Yang wins the 2020 presidential elections he aims at promoting innovation and economic growth. He plans to do this by creating clear guidelines for digital assets. He firmly believes that people and businesses should be able to invest without fear of a sudden random change in regulations.
The main challenge that Yang believes is the addressing of the uncertainty and confusion of the US’ current cryptocurrency regulations. Although there are various agencies today that are trying to regulate the crypto industry now the problem that has arisen is the dealing of the various patches of regulations. Yang believes that if the US has to compete in the race with countries like China and Europe than it has to do much better than what it is doing now.
Yang says the US government needs to do more, and act faster, to create a countrywide framework for regulating these assets, though. He says he’ll work with the Token Taxonomy Act and Wyoming legislators, and will model his regulations after their work. “It’s time for the federal government to create clear guidelines as to how cryptocurrencies/digital asset markets will be treated and regulated,” the announcement reads.
Yang has been paving his way smooth into the crypto lovers ‘crowd. He has now become a favorite on the crypto twitter. The Democratic candidate started to gain traction after his campaign started accepting donations in Bitcoin, Ethereum, and a handful of other coins last July. This changed a lot of things.
Further, Yang also declared his interest in blockchain’s underlying technology. He said he was a fan on the Facebook “Ask Me Anything”. Because of his pro-cryptocurrency stance, he has earned himself dedicated followers who call themselves the “Yang Gang”.
He is also proposing and promising a $1000 per month “Universal Basic Income” for every US citizen above the age of 18. Though after all it is a promise made before the elections and there are fat chances this won’t be remembered if the time comes. But this has definitely done a great deal in capturing the minds and hearts of the people.