Andrew Yang: The U.S. Needs Clearer Crypto Regulations

U.S. Democratic presidential hopeful Andrew Yang has once again reiterated the need for clear-cut crypto regulations in the U.S. characterizing attempts to stifle Bitcoin (BTC) as futile.

Yang Calls for U.S. Crypto Regulations

Speaking to Bloomberg on Wednesday (January 29, 2020), Yang declared that the country needed to come up with a clearly defined regulatory policy structure for cryptos in the U.S. according to Democratic candidate:

“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.”

For Yang, issues surrounding the digital economy forms part of his policies as part of efforts to ensure the U.S. remains a leader in the global financial market. With virtual currencies becoming even more popular, Yang says clear cut crypto regulations will improve the digital investment arena in the country.

Several stakeholders in the U.S. have bemoaned the patchwork of State and Federal crypto regulations and their negative effects on the market. Some exchange platforms have been forced to either move oversees of geofence certain tokens from U.S. traders while also creating a separate trading service for their U.S. customers with significantly smaller coin listings than their foreign counterparts.

Responding to questions regarding virtual currencies and monetary independence, Yang remarked:

“Right now, people investing in these currencies are finding a way to do so and make use of their investments. I don’t think that you could impede it with regulations if you tried.”

2020 Elections and the Future of Cryptos in the US

Apart from calling for clear-cut crypto regulations, Yang is also an advocate for crypto adoption. Back in August 2018, Yang announced that his campaign would be accepting Bitcoin donations and other cryptos, as reported by BTCManager.

In May 2019, the pro-bitcoin supporter again spoke about his plans to include blockchain and crypto in the country’s future at the Consensus Conference in New York. Yang reportedly told the crypto community to expect some interesting developments if elected.

Yang’s endorsement of cryptos flies in the face of the established rhetoric from the current White House Administration. In July 2019, U.S. President Donald Trump dismissed Bitcoin saying it was based on “thin air.”

Treasury Secretary Steve Mnuchin also remarked that Bitcoin, unlike the U.S. dollar, was mostly used for money laundering. However, several research reports state that cryptos only account for a small portion of financial crimes with major global banks having to pay billions of dollars in fines for money laundering.