U.S. presidential candidate Andrew Yang plans to regulate the cryptocurrency industry

The 2020 U.S. presidential candidate Andrew Yang of the Democratic Party recently outlined his plans for regulating the cryptocurrency industry.

Commitment to Promote Legislation on Cryptocurrency

On 11/14, Andrew wrote in a blog post about the tech industry that cryptocurrency has experienced a lot of fraud due to the lack of sufficient regulations, even though the crypto industry itself is positive. He stated:

Leading the way in crypto regulation compared to other countries, we are already ahead in this new market.

He mentioned that cryptocurrencies and digital assets have constituted a significant amount of economic activity, but the U.S. government's response has been lagging. He added that due to the lack of a national framework for regulating these assets, several federal agencies claim conflicting jurisdictions are emerging.

Andrew's plan mainly aims to protect U.S. citizens from the persecution of tech companies that profit greatly from the public. He pledged to define what a Token is to promote legislation in the cryptocurrency asset market field. If defined as a security, the law will clarify who will have the power to own, sell, and trade digital assets, allowing the government to enforce taxation.

Congress Lacks Basic Technical Knowledge

Andrew further pointed out that in order to effectively regulate innovative technologies such as blockchain and cryptocurrencies, the U.S. government first needs to understand them. He referred to the Financial Services Committee, which questioned Facebook CEO Mark Zuckerberg for over six hours about the Libra Association and its token plans. He stated:

It's quite embarrassing to see the ignorance displayed by some members of Congress when discussing technology, as anyone watching the questioning of Mark would clearly see. Without a basic understanding, we cannot expect appropriate regulation of large tech companies, nor can we expect legislation to address the key technical issues we will continue to face in AI and cybersecurity.

Yang also mentioned that if he wins the 2020 election, he plans to implement blockchain-based mobile voting, fulfilling the promises made in the article to truly realize the value of blockchain technology in cryptocurrency.

Further Reading

• Privacy browser Brave officially launches rewards program on iOS version
• International renowned hacker group "Anonymous" to donate $75 million in Bitcoin

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