Presidential Candidate Andrew Yang Reveals Crypto Manifesto
United States presidential hopeful Andrew Yang has attempted to woo American cryptocurrency enthusiasts, issuing a manifesto of regulatory pledges.
Yang, 44, is hoping to win the Democratic Party nomination, and wants to run against incumbent president Donald Trump in December 2020.
In his crypto-manifesto, entitled “Crypto/digital Asset Regulation and Consumer Protection,” Yang says he wants to create a legal framework whereby “businesses and individuals can invest and innovate in the area without fear of a regulatory shift.”
Yang states that the United States has so far failed to regulate cryptocurrencies in any coherent manner. He also says that “a number of federal agencies claim conflicting jurisdictions,” and that individual “states have come up with a patchwork of varying regulations.” He slated this “patchwork,” saying that the status quo makes it “difficult for the American cryptocurrency markets to compete” with the likes of China and Europe.
He also talked of “onerous regulations systems,” such as New York’s BitLicense operating permit system, saying that these have had a “chilling effect on the American digital asset market.”
Yang says he wants to do the following:
- Create legal definitions of terms such as “token” and “security”
- Identify the federal agencies that are given regulatory power over cryptocurrencies
- Favor national regulations over those created by individual states
Yang also pledged to work “with the sponsors of the Token Taxonomy Act and Wyoming legislators” in order to create a clearer framework for cryptocurrency taxation.
The state of Wyoming has introduced a range of progressive blockchain and cryptocurrrency bills in recent months, with a view to boosting fintech business and create a state-wide crypto tax framework.
Yang is the first American presidential candidate to make a clear policy statement on comprehensive crypto-regulations. He has cultivated a reputation as a pro-business politician, and was part of the Barack Obama administration.
Yang's most famous proposal — "The Freedom Dividend" — would provide every American over 18 years old with USD 1,000 per month.
The Democratic Party primaries begin in February next year.