US Presidential Candidate Andrew Yang Wants Clear Cryptocurrency Guidelines For Bitcoin
Not many presidential candidates are currently interested in the discussion about cryptocurrencies, but one of them is set apart from the rest: Andrew Yang.
Yang, which is seen as a crypto champion by the community and it is the favorite candidate of the crypto sphere, has recently released a new statement about crypto assets.
According to his statement, the Democratic presidential candidate indicates that the country needs clearer guidelines for how the U. S. will deal with cryptocurrencies and digital assets. He argues that. if no guidelines are actually set, both companies and people will not invest or innovate because they will be afraid that a regulatory shift can harm them in the near future.
This move makes Andrew Yang be basically the only presidential candidate with any chance whatsoever of bringing the crypto debate as something central in 2020.
Yang has shown problems in three areas of crypto regulation. The first one is that each state is creating its own crypto regulation and this causes some fear for crypto investors that the legislation may shift quickly against their interests.
The second point is that, because of this, the regulation should be federal instead of state-based. In order to create the needed legislation, Yang affirms that he will push forward projects that will provide more clarity on these issues if he is able to be elected the president of the country. For instance, he affirms that he will define which agencies will have regulatory power or not.
Finally, the third point is about taxes. The IRS is not doing a good job of making them more clear. He promises to clarify how people should pay taxes for crypto and to promote more official recognition for these assets.
Yang also seems to want to focus on clearer laws for money transmission involving cryptos. According to him, the need to set clear laws is very important as the lack of this directly hurts the market.
The reaction of the community is pretty positive so far. Neeraj Agrawal, for instance, which works as the director of communications at Coin Center, has affirmed that he is happy to see a candidate being so thoughtful with the crypto market. He believes that Yang has identified the most pressing issues so far and that he seems ready to address them.
Yang also cited the Token Taxonomy Act as well as the work of the state of Wyoming in order to create legislation that can benefit the companies and the crypto holders in the country.