- Andrew Yang explained his plans for regulating cryptocurrency.
- Regulators fear that regulating cryptocurrency will affect innovations.
- There are three regulators who have different interests.
Andrew Yang is a lawyer, investor and philanthropist, who is running for President to be the Democratic Party nominee. In an interview with Bloomberg on January 29 regarding political issues, he made his intentions known that crypto assets need a standard or uniform rules and guidelines for proper regulation.
According to the interview, Andrew Yang said:
“Right now we’re stuck with this hodgepodge of state-by-state treatments and it’s bad for everybody: it’s bad for innovators who want to invest in this space. So that would be my priority is clear and transparent rules so that everyone knows where they can head in the future and that we can maintain competitiveness.”
This is not the first time Yang has recommended an overhaul of current regulations governing cryptocurrencies; his blog post in November 2019 focused on developing a proper regulation to achieve high economic development.
The US Democratic Party’s presidential primaries are scheduled to start on February 3, so hopefully if Yang emerge as a flag bearer of the party, he might stand a chance to win in order to carry out the crypto regulations in his tenure.
There are a great many different regimes, and so there’s a lot of regulatory confusion for the companies operating token networks. Since 2019, the Chamber of Digital Commerce has been calling for a National Blockchain Action Plan and has also been pursuing the same legislative reform that Yang seems to be seeking.
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If Yang was to win the nomination of the Democratic Party, the pro-Crypto nominee could indeed be a catalyst for mainstream adoption and consistency in regulations.
Crypto Regulation vs the United States
A proper regulation in the Crypto market has been one of the major factors militating against Cryptocurrencies. The United States has regulated crypto assets as far back as 2013 but might not be a leading country in the crypto market today due to some of the factors that have fought against regulation and mass adoption. Some positive movements are seen today, as Hawaii State senators passed a bill proposing that banks should be allowed to deal in crypto assets. This shows that more Initial Public Offerings (IPO) will be launched this year. Over the years, the US crypto market has been undeveloped due to:
- A misconception from regulators that cryptocurrency will affect innovation, resulting in trade-offs in its systems. Cryptocurrency in this 21st century will not affect innovation rather it will serve as a key to economic development in the state;
- Regulatory authority in the US is given to agencies such as the SEC, IRS, FinCEN and CFTC, each of which has different interests, opinions and measures to tackle cryptocurrency in the state.