Andrew Yang, one of a number of Democratic Party presidential candidates for the United States 2020 elections, has proposed a framework of policies for bitcoin and other cryptocurrencies.
In his expression of perspective as published on his campaign website, Yang indicates his goal 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.
The presidential aspirant admitted to the exponential growth of cryptocurrencies and digital assets as well as their substantial role in economic activities.
Yang who is known as the pro Bitcoin candidate, goes on to emphasize the urgency of devising a clear bitcoin and crypto framework in a bid to ease all crypto investments and development. He described the current crypto/blockchain framework as outdated and incompatible as they do not cope with the pace of cryptocurrencies. His keynote reads:
It’s time for the federal government to create clear guidelines as to how cryptocurrencies/digital assets markets will be treated and regulated so that investment can proceed with all relevant information. We should let investors, companies and individuals know what the landscape and treatment will be moving forward to support innovation and development.
On the issue of regulatory uncertainty at the national level, Yang states that the current framework has caused slow investments and lag in the U.S. when compared to other countries; just as he blamed U.S states for coming up with different regulations which he attributes as a core reason for the crypto markets struggles in the country when compared to that of Europe.
In his detailed note, he outlines actions to combat the situation and push innovation cum economic growth in the crypto sector. The policies include:
- First, a clear definition of criterion for token and security as regards digital assets.
- Defining federal agencies with regulatory power over crypto and digital assets.
- Provide protection to crypto users and collaborate with other bodies to create and implement a unanimous national framework.
- Clarity on Tax implications, owning, trading and selling of digital assets. (especially considering the recent push by the U.S congress on the Tax issue).
Major Issues:
- Cryptocurrency and digital asset markets have developed faster than regulations can keep up.
- Several U.S states having conflicting and varying regulations on digital asset markets and blockchain.
- Uncertainty around crypto and blockchain regulatory framework hence causing US investment to lag behind in this sector when compared to other countries.
See Mr. Yang’s keynote here: www.yang2020.com
Mr Yang posts himself as an entrepreneur who clearly understands the economy and by this move becomes the first 2020 American presidential candidate to set a specific template on cryptocurrency policy. It could also be recalled in Nigeria’s elections early this year, the PDP candidate Alhaji Atiku Abubakar had also made notes on embracing cryptocurrencies and its policies.
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