The US Presidential Nominee Andrew Yang Promises to Regulate the Crypto Industry
Andrew Yang, one of the 2020 US presidential candidate, has detailed how his plans to regulate the crypto without risking the growth of the industry.
Andrew Yang’s campaign has reached quite a momentum in the last few months. Yang has promised to launch Universal Basic Income (UBI) of $1000 to every 18 years above its citizens every month. Additionally, he calls in freedom dividend and wants to bring in a national framework on cryptocurrencies.
The Way Andrew Yang to Regulate Crypto Industry if He Became President
Andrew Yang completely believes technology has outpaced the US government’s understanding of it. In a November 14 blog post, Yang said that the government allows giant tech companies to thrive, however, it is lacking in protecting users from the same firms scouring data.
Particularly, he pointed out there is currently no national framework for regulating cryptocurrencies, different departments of the federal government considered digital assets like property, commodities, or securities. Yang called New York’s BitLicense, for instance, as “onerous” regulation and that navigating different regulations has had a “chilling” effect on the U.S digital asset market.
Moreover, “Cryptocurrencies are seeing levels of fraud because of the lack of regulation”, Yang wrote. “Other nations, which are ahead of us on regulation, are leading in this new marketplace and giving the rules that we’ll need to follow once we catch up.” The post also highlighted digital currencies now represent an enormous amount of value and economic activity “outstripping government’s response.”
Andrew Yang, therefore, has proposed innovative solutions for many current problems, which has impressed a lot of people. He proposed to regulate the use of data and privacy by establishing data as a property right.
Furthermore, Yang plans to set up a Department of Technology and revives the Office of Technology Assessment, an office of the U.S. Congress which dissolved in 1995. “This Department set in Silicon Valley and initially focused on Artificial Intelligence (AI) and would be lead by a Secretary of Technology who will spearhead public-private partnerships to tackle emerging threats and maximize the benefit of technological innovation to society,” Yang said.
Specifically, to provide clarity on cryptocurrency regulations, he will define what a token is, and when it is security; determine which federal agencies have regulatory power over crypto; provide for consumer protections; and clarify the tax implications of owning, selling, and trading crypto. Yang is a supporter of blockchain technology, previously, he claimed that he wants to modernize voting using blockchain technology.
Crypto supporters who lean more toward the libertarian side believe that Yang is just another socialist planning to redistribute wealth like he wants to give every American money with a universal basic income (UBI) plan but the funds will be taken from someone else.
Planning to apply “21st-century approach”
He emphasized the US Congress members are currently short of basic understanding of blockchain, cryptocurrencies, and other technologies as in the congressional hearings with tech CEOs like Facebook’s Mark Zuckerberg. He further revealed, “It’s ashamed of seeing the ignorance some members of Congress display when talking about technology, and anyone who watched Congress question Mark Zuckerberg is well aware of this”.
Accordingly, the presidential candidate has a plan to apply “the 21st-century approach” to improve “the knowledge and capacity of government while using new metrics to determine competitiveness and quickly identifies emerging tech in need of regulation.”