Andrew Yang, an Asian American entrepreneur, philanthropist, founder of Venture for America (VFA), Ex- CEO of the top education company Manhattan Prep, and a U.S. 2020 Democratic presidential candidate. He has created high hopes among the U.S. citizens regarding the cryptocurrencies regulations and consumer protection to fight any fraud through his recent publication.
On March 11, 2019, Yang had made himself included in the first round of debates for candidates in the Democratic presidential primary election by receiving donations from 65,000 donors from almost least 20 U.S. states.
Yang is a cryptocurrency supporter and one of the candidates of 2020 presidential election who is contesting against hard-nosed strategist Donald Trump. The pragmatic candidate knows how to take an advantage out of the market sentiments which Trump in approx.… three years of his time, done nothing positive at the federal level concerning digital/virtual/crypto assets.
Yang, in the process of drawing the attention of the U.S. citizens towards him calling out the federal government to specify clear rules and guidelines pertaining to cryptocurrencies and digital assets so that innovation can get a chance to establish splendid and decentralized businesses.
Andrew Yang Concerns and Goals For A Better Economy In 2020 United States Presidential Race
Certainly, the democratic party nomination is a strong way for him to publicly announce his intention. If given him a chance to conquer Trump he is very well prepared to create clear and concise guidelines for new and old crypto businesses, individual traders and investors. Yang is assuring the nation and citing his intention of issuing the cryptocurrency policy and showing his interest in blockchain technology that has got the power to make lives easy and free from the regulatory shift.
Yang’s statement in the announcement specifies that investment in cryptocurrencies and digital assets has far outpaced the regulatory frameworks in the US. For investors, companies, and individuals it’s a high time to let them know about the forward-looking rules, regulations, and correct treatment to handle the situation while supporting innovation and development for the economic growth.
Yang explicitly calls out New York’s BitLicense for its stringent regulations due to which Bittrex, the long-lasting crypto exchange unable to a BitLicense because of the purported allegations of anti-money laundering (AML) and compliance practices by NYDFS.
If we go back and look into the history of Yang can easily find out he is actually concerned and sympathetic towards the economically poor people. At the same time compassionate towards the big ventures which are based on decentralization and cryptocurrencies. He believes in innovation and economic growth and given credit to cryptocurrencies which is acting as a catalyst to create the trust that was lost due to the 2007-2008 global financial crisis.
Yang referred his viewpoint and indicated three problems which are crucial to deciphered : “Cryptocurrency and digital asset markets have developed faster than regulations can keep up, several states have conflicting and varying regulations on digital asset markets, and last but not least, uncertainty in what regulatory framework will develop is causing US investment in the area to lag behind the investment of other countries.”
According to the document, Yang policy statement supplemented few more pledges, if he would be elected as a president:
“As president, I will Promote legislation that provides clarity in the cryptocurrency/digital asset market space by defining what a token is, and when it is a security (e.g., recognizing “utility tokens”), define which federal agencies have regulatory power over the crypto/digital assets space, provide for consumer protections in the space, clarify the tax implications of owning, selling, and trading digital assets, promote the nationwide adoption of recognition of protections afforded by a series LLC, preempt state regulations when possible to create one national framework, work with the sponsors of the Token Taxonomy Act and Wyoming legislators to promote the above, largely modeled after their work.”