Pro Bitcoin US Presidential Candidate Andrew Yang calls for Clear Regulations in Crypto, calls NY’s BitLicense “Onerous”
US Presidential Candidate Andrew Yang recently published a statement advocating for clear regulations for digital assets.
Yang, a well-known entrepreneur mainly known for his non-profit Venture for America (VFA) is contesting for the 2020 presidential elections from the Democratic party. As a part of his presidential campaign, Yang has indicated his goal to “Create clear guidelines in the digital asset world so that businesses and individuals can invest and innovate in the area without fear of a regulatory shift.”
He writes on his website:
“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.”
Even though the US regulators have been cautious in their approach towards the Crypto industry not to hinder its progress there is still no regulatory clarity in the industry. Many US federal agencies like the SEC (Securities and Exchange Commission) and CFTC (Commodity Futures Trading Commission) have claimed jurisdiction over Crypto but have failed to provide clarity over various tokens and Cryptocurrencies.
Yang rightly describes New York’s Bitlicense (which recently rejected Bittrex’s application) as “Onerous”. It is very hard for small businesses to operate in New York due to the high costs and burden of the Bitlicense, even larger exchanges like Coinbase still do not operate in New York.
New Policy #22 – Digital Asset/Cryptocurrency Regulation. Investment in cryptocurrencies and digital assets has far outpaced our regulatory frameworks. Investors need to know what their treatment will be in order to properly innovate in the U.S. https://t.co/PyzRfy1t9a
— Andrew Yang (@AndrewYang) April 18, 2019
Among the other 2020 presidential candidates, Yang has been the most friendly towards Crypto assets and Blockchain technology, as he is young and tech-savvy he seems to understand the implications of the technology and has become popular in the Crypto community. Blockmanity recently wrote an article on Yang’s campaign gaining traction.
Yang states his goals in the Crypto space if he becomes president:
- Promote legislation that provides clarity in the cryptocurrency/digital asset market space by:
- Defining what a token is, and when it is a security (e.g., recognizing “utility tokens”)
- Define which federal agencies have regulatory power over the crypto/digital assets space
- Provide for consumer protections in the space
- Clarify the tax implications of owning, selling, and trading digital assets
- Promote the nationwide adoption of recognition of protections afforded by a series LLC
- Preempt state regulations when possible to create one national framework
- Work with the sponsors of the Token Taxonomy Act and Wyoming legislators to promote the above, largely modeled after their work.
Notably, Yang cites the Token Taxonomy Act, which was introduced in Congress to reduce the regulatory burden and provide clarity on Crypto assets. He also cites Wyoming, whose legislators have been progressive and pro Blockchain.
Wyoming Introduces Crypto Related Bills which Gives Cryptocurrencies like Bitcoin the same Status as Money
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