The 2020 election’s US Democratic presidential candidate, Andrew Yang is pro Cryptocurrency? Could he be the one to regulate cryptocurrency after all? Could he be our very own cryptocurrency president? Yes, this sounds too good to be true, but let’s take a look at what Mr Yang is up to.
Cryptocurrency supporter Andrew Yang
Andrew Yang is an entrepreneur that has helped boost startups by contributing $120,000 in the development of (VFA) Venture For America; and now as he runs for president in 2020, he is supporting what we believe is the greatest invention since the internet, cryptocurrency. Andrew Yang has included the application of digital assets and cryptocurrency in the country; also requesting clear regulations on crypto and digital assets.
Mr Yang went on to release a statement as well that stated that if he is elected, he will regulate virtual assets; which is not a small promise! But that’s not the only thing he promised. Mr Yang also promises to give everyone $1000 monthly on a “Universal Basic Income” plan. This plan could backfire for him as he has probably not considered the massive tax bill that comes after the plan is implemented.
Yang’s vision for cryptocurrency if he wins
Andrew Yang has made it clear that if he wins in 2020, he wants to establish clear regulatory guidelines for digital assets and define how they should be; so that investors can make informed investments. He also believes that this will encourage innovation and economic growth and will eliminate the fear of sudden regulation changes that investors and businesses often have.
Andrew Yang sees the problem with cryptocurrency regulation in the US as confused and uncertain. He specifically notes that lots of agencies have attempted to regulate cryptocurrencies themselves; and that has led to the country having several different regulations on their hands; and now someone needs to come in and patch that up. The presidential candidate understands that if the country wants to compete or even be in the cryptocurrency race against the likes of Europe and China, they are going to have to step it up.
However, Mr Yang states that the United States government needs to work fast to outline the regulation of digital assets. He adds that if he wins he would work closely with “Token Taxonomy Act and Wyoming legislators” then after their work he’ll perfect his regulations.
What do we think about Andrew Yang’s promises and ideas?- Science or Fiction?
For starters, as much as we love the ideas Mr Yang has, there are some missing pieces and parts that don’t quite add up. He stresses that regulation guidelines need to be put in place to protect investors from sudden regulation changes; thoughtful but not realistic. The fact is that we must accept that the cryptocurrency world is going to grow and change; and with that, the changes in regulations are inevitable.
The sooner we accept that the rules will change, the sooner we will realise that keeping the same regulations will stunt the growth of cryptocurrency.
However, Andrew Yang does have a good point when he indicates that the United States need to have a more competitive edge; to compete with Europe and China and be a future crypto hub. Therefore this can be done with clear regulations put in place.
As it stands, federal officials need to come together and decide on a national plan with all in agreement. A plan that is suitable for all businesses and individuals to follow according to their size and financial stance; while at the same time leaving room for changes that are good for the cryptocurrency space. We are rooting for Andrew Yang as far as regulating cryptocurrency goes; however, only time will tell how this story will end.