Andrew Yang, a Democratic Party member, looking forward to vying for the post of U.S President at the 2020 elections has made regulating the cryptocurrency industry a part of his campaign promises.
In a policy statement titled, Crypto/Digital Asset Regulation and Consumer Protection, Yang noted that one of his goals, if elected as U.S President, would be to “create clear guidelines in the digital asset world so that businesses and individuals can invest and innovate in the area without fear of a regulatory shift.”
Yang perhaps showed that he had a clear overview of the current crypto regulatory landscape in the U.S by mentioning that the industry’s fast growth has outstripped the government. He also confirmed the fact that “a national framework for regulating these [crypto] assets has failed to emerge, with several federal agencies claiming conflicting jurisdictions.”
Explaining what measures he will take to address the existing problems if elected, Andrew Yang revealed that he would focus on, namely:
Promoting 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”)
Defining which federal agencies have regulatory power over the crypto/digital assets space.
Providing measures for consumer protections in the space.
Clarifying the tax implications of owning, selling, and trading digital assets.
Promoting the nationwide adoption of recognition of protections afforded by a series LLC….[and] Preempt state regulations when possible to create one national framework.”
Interestingly, Andrew Yang also pledged to work with the lawmakers behind the recently reintroduced Token Taxonomy Act. He also promised to work with Wyoming legislators who have so far led the race for providing clear regulations for the cryptocurrency industry.
While Yang’s campaign promises regarding the crypto industry are sure to excite participants in the emerging space, the politician probably still has a long way to go before claiming U.S Presidency. First, would be to win a ticket from the Democratic Party and then usurp current President Donald Trump at the 2020 polls.