The US presidential candidate Andrew Yang wants fair and transparent rules on cryptocurrency and blockchain. He stated that current laws about cryptocurrency are not good. In an interview given to Bloomberg, he stated that there is a need to give more clarity on such issues. However, he eventually believes that laws can’t prevent people from buying Bitcoin or any other cryptocurrency.
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Andrew Yang Talks about Cryptocurrency
According to Andrew Yang, the US requires proper laws that would direct the industry. He stated:
We need to have a uniform set of rules and regulations around cryptocurrency use nationwide. Because right now we are stuck with this hodge-podge of state-by-state treatments and it’s bad for everybody. It’s bad for innovators who want to invest in this space
Yang further stated that he considers the blockchain as a “very very high potential” and that people should be investing in it. He said that there is a need to have a proper set of rules and regulations when he was asked about the use of bank accounts and credit cards to jump into cryptocurrency. He added that at the moment, we are stuck with this hodgepodge of the state by state treatment, and it is bad for everybody.
Can Cryptocurrency Regulated?
Andrew Yang has been a supporter of cryptocurrencies. According to Yang, 2020 policy, the Cryptocurrencies’ rapid growth, and development have surpassed the government’s acknowledgment. It further states that a general structure for regulating cryptocurrencies has failed to appear. This is because of the various governmental agencies demanding different jurisdiction.
Right now, various branches of the agencies view cryptocurrency as property, commodities, or securities. Some states have imposed rigorous laws. For example, NY’s BitLicense which has had a deep impact on the US digital asset market.
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So, Yang stated that It’s time for the central government to build precise and transparent rules as to how cryptocurrencies/digital asset markets will be used and regulated so that investment can continue with all important data.