Over the course of the past half-century or so, the United States political arena has evolved into a murky swamp where politicians often pander to the needs/demands of certain vote banks (be it racial, economic, religious etc).
However, as bad as this may sound, many finance experts believe that this trend might eventually prove to be a good thing for the crypto industry – especially since America houses one of the largest alt-coin investor communities in the world.
A Closer Look at the Matter
As per a research article published by CNBC last year, nearly 10% of all American citizens currently possess crypto assets in some form or the other. Additionally, since the aforementioned study was carried out in March 2018, the percentage of crypto holders might have increased considerably since then.
Also, it is worth pointing out that in the recent past, a number of presidential candidates have begun to pay a lot of attention to crypto – because many of them are well aware of the economic potential of this burgeoning sector.
Not only that, we also need to realize that a 10% vote bank is quite substantial when it comes to determining the result of a national election (especially in the favour of a particular candidate).
Lastly, as crypto adoption continues to increase across the US, it will become increasingly important for presidential hopefuls to learn about the various regulatory problems currently being faced by the digital asset industry.
Other Important Developments Worth Bearing in Mind
Since the start of the year, Democratic presidential candidate Andrew Yang has appeared on a number of talk shows where he has stated that the current regulations being imposed by the New York state finance machinery on its crypto sector were not only archaic but also severely hurting the growth of this otherwise burgeoning industry.
Instead, Yang is of the opinion that the American government should do all that it can to help keep itself at the forefront of this rapidly evolving domain.
In addition to all this, Yang has also made it clear that since the growth of the altcoin market has defied all of the government’s previous expectations, it is now important to devise a new crypto regulatory framework that is not only broader in its scope but also more encouraging/inclusive of digital assets.
On the subject, Yang was quoted as saying:
“Cryptocurrencies and digital assets have quickly grown to represent a large amount of value and economic activity. This quick growth, however, has outstripped the government’s response… It’s time for the federal government to create clear guidelines as to how cryptocurrencies/digital asset markets will be treated and regulated so that investment can proceed with all relevant information,”
Yang's Vision Explained further
- Andrew is of the firm opinion that NY's controversial ‘BitLicense requirement’ is not only “onerous” but also quite harmful for the growth of the digital currency sector as a whole.
- Yang claims that if he is voted into power, he will offer the US crypto community with “well defined definitions for what alt-tokens are — especially in terms of what constitutes a security”.
- Not only that, he also plans on creating a better framework to make the tax implications of buying, selling, and trading crypto, easier and much more streamlined for the common man.
Even though Yang is a dark horse in the upcoming 2020 elections, his open mindedness and forward-thinking approach towards the digital asset domain is refreshing to say the least.
It now remains to be seen whether or not we will have more mainstream presidential candidates come forth and lay out similar frameworks to help foster the growth of the alt-asset market in the coming few months.