Andrew Yang claims he will regulate crypto at a ‘national level’

The US presidential hopeful has stated that more regulation needs to be given to the country's digital asset markets in a bid to prevent scams

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

Yang is famously pro-crypto and publicly claimed that “blockchain needs to be a big part of our future” at Ethereum’s Consensus event earlier in 2019.

Citing the high levels of fraud and crime in the cryptocurrency markets, Yang claims that the lack of clear regulation in the US is to blame for crypto scams. He added:

“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.

Crypto donations

Last year, Yang’s campaign announced that they would be accepting donations in Bitcoin and Ethereum to a dedicated campaign wallet address.

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.

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