Entrepreneur and 2020 US presidential hopeful Andrew Yang has published a lengthy blog post on the issues America faces in the technology industry.
Yang’s post, entitled “Regulating Technology Firms in the 21st Century”, details how he would bring in frameworks for cryptocurrencies and regulate them at a national level if he is elected president next year.
Yang also discussed issues such as gaming loot boxes and the lack of accountability big tech firms like Apple, Google, and Facebook enjoy in the US – claiming these companies have “amassed too much power”.
Instead, Yang argues for the revival of the US Office of Technology Assessment and the establishment of a Department of Technology to adapt to the rapidly changing technology industry.
A framework for crypto
“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.”
Yang argues that the failure to keep up with digital asset markets is already having a “chilling effect” on the sector in America, with regulators being “outpaced by innovation”.
Yang also makes several election promises related to cryptocurrencies, including preempting state-level regulations in favour of a national-level framework for digital assets and drafting better definitions of tokens and securities.
Likewise, Yang said he would give clarification to digital asset holders regarding their tax liabilities when buying and selling digital assets.
Donors can contribute $2,500 to the campaign. However, at the time, some Twitter users criticised Yang for supporting cryptocurrencies, claiming that Bitcoin directly contributes to climate change.
Yang’s campaign is perhaps best known for promising every American of working age $1,000 a month in universal basic income, a move which has prompted both praise and criticism for Yang in equal measure.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.