Democratic Oval Office candidate Andrew Yang thinks the US needs to have a consistent cryptocurrency legal framework if it wants to be a market leader.
He made the statement during an interview given to Bloomberg on Thursday, and added that the regulatory situation at the moment is confusing and may bring harm to the people and businesses working in the crypto space. These are his exact words on the matter:
“Right now we're stuck with this hodgepodge of state-by-state treatments and it's bad for everybody. It's bad for innovators who want to invest in the space. The underlying technology of cryptocurrencies is very, very high potential and we should be investing in it. We need to have a uniform set of rules and regulations around cryptocurrency use nationwide.”
The Current Crypto Legal Framework in US Criticized
One thing is for sure, the US doesn’t have a clear legal framework for the crypto space. Perhaps in some states like New York, crypto businesses have a licensing framework, but in the rest of the country, regulators rely on precedents that are very old, the guidance they receive from federal regulators and on international conventions, which has brought criticism against those in power from crypto enthusiasts.
Yang Is Pro-Technology
Yang is definitely pro-technology and the only candidate to talk about cryptocurrency until now. He was very clear when he said that, if elected, he will introduce clear guidelines for digital assets so that individuals and businesses to invest in their innovative ideas without being scared of changes in regulations.
He added that new regulations being introduced or not won’t stop people from using cryptocurrencies, and that a ban on crypto would only force the underground space in the industry to develop. According to him, the US needs,
“clear and transparent rules so that everyone knows where they can head in the future and we can maintain competitiveness.”