2020 Democratic Presidential Andrew Yang Proposes Cryptocurrency Regulations If Elected
Democratic presidential hopeful Andrew Yang has revealed that he will regulate the crypto industry if he is elected in the upcoming presidential election, Cointelegraph reports.
In a blog written on Nov.14, Yang who is eyeing the Democratic ticket for the 2020 presidential election suggested that the high rate of fraud cases in the crypto industry is due to proper regulations. According to Yang, other nations have developed their own regulations and have become market leaders in the crypto industry and the US can only catch up.
Yang stated that cryptos and other virtual assets compose a significant part of the economic activity in the US. however, the government has shown laxity in the development of a legal framework to guide the nascent industry. Yang blamed the laxity on in-fighting between different government agencies on who should control the crypto industry.
Yang’s plan is to regulate the entire tech sector who have prioritized profit maximization compared to the wellbeing of the US citizens. He promised to advocate for the legislation of the crypto market through coming up with a clear definition of what constitutes a token, what is a crypto-security as well as well defined taxation process for crypto-asset owners/holders, sellers as well as traders.
Yang aimed a jibe to Congress for the failure of understanding how emerging innovations work. He opined that effective regulation can only be achieved if the policymakers understand the basics of blockchain as well as cryptos.
The presidential candidate said it was extremely embarrassing to notice the level of ignorance of certain Congress members when they questioned Mark Zuckerberg about the Libra project.
Yang is a tech enthusiast and in August revealed that he will come up with a blockchain-based voting system if given a chance to become the next US president. He also explained that the voting would be mobile-based and blockchain technology would help in verification of the voters.
However, CCN reports that Yang’s plan is likely to boomerang on him as it is difficult to regulate the tech industry. The article argues that regulating the industry would equate to tyrannical deeds by a ‘President Yang’ as it would go against the constitution.
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