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.
>> You like trading? Then come into our trading group and discuss with us<<
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.
>>Can cryptocurrency be regulated? Read here <<
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.
Instant Crypto Credit Lines™ from only 5.9% APR. Earn up to 8% interest per year on your Stablecoins, USD, EUR & GBP. $100 million custodial insurance.
This post may contain promotional links that help us fund the site. When you click on the links, we receive a commission - but the prices do not change for you! :)
Disclaimer: The authors of this website may have invested in crypto currencies themselves. They are not financial advisors and only express their opinions. Anyone considering investing in crypto currencies should be well informed about these high-risk assets.
Trading with financial products, especially with CFDs involves a high level of risk and is therefore not suitable for security-conscious investors. CFDs are complex instruments and carry a high risk of losing money quickly through leverage. Be aware that most private Investors lose money, if they decide to trade CFDs. Any type of trading and speculation in financial products that can produce an unusually high return is also associated with increased risk to lose money. Note that past gains are no guarantee of positive results in the future.
You might also like
More from Crypto
Decentraland - the fully decentralized virtual world will go online on Feb 20 for the sims-like virtual reality experience on …
Tron founder Justin Sun got himself involved again into yet another controversy as he posted a “well wishes” message for …
Binance today announced the launch of their exchange-specific Binance Cloud service. This will allow third parties to use the proven …