Regulating the crypto industry has long been one of the primary obstacles left for digital assets in their road to full global adoption. Since they involve novel technologies, devices, and applications, coming up with a universal legal document it is easier said than done in most cases.
In that sense, Andrew Yang, who is slated to run for President of the United States in the 2020 elections, is including cryptocurrency regulations and the need to find clear regulations for these digital assets in his campaign for the Democratic Party. The politician named some strategic operative points in a policy published on his web page.
Looking for New Horizons
In fact, the implementation and adoption of digital assets and the associated regulations are an instrumental part of Yang’s campaign for next year. Yang is a well-known entrepreneur who put $120,000 from his pocket to develop Venture For America (VFA,) a blockchain accelerator which goal is to build startups in emerging locations.
In the published document, the politician states that the current administration has shown very little advancement regarding the development and launch of a nation-wide regulatory framework for crypto assets. In fact, various federal agencies are claiming conflicting approaches, and Yang has made it clear that the country needs to come up with a way to define how cryptocurrencies should be regulated because it would foster investors’ involvement.
“We should let investors, companies, and individuals know what the landscape and treatment will be moving forward to support innovation and development. The blockchain has vast potential,” he stated in his website about the subject of cryptocurrency regulation.
According to the American presidential candidate, crypto markets are currently developing at a faster pace than rules and legal instruments are able to keep up, which has caused some states to have conflicting regulations in a number of cases. The Democrat says that he intends 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.”
Yang highlights that, if elected, he will promote legislation that provides clarity in the cryptocurrency/digital asset market space by “defining what a token is, and when it is a security (e.g., recognizing “utility tokens”;) defining which federal agencies have regulatory power over the crypto/digital assets space; and providing for consumer protections in the space; while also clarifying the tax implications of owning, selling, and trading digital assets.”
Nurtuting Crypto While Also Protecting Users
U. S. Senator Elizabeth Warren, a fellow presidential candidate that made her intentions public in January, has also touched the subject in the past, observing that “the challenge is how to nurture productive aspects of crypto with protecting consumers.”
On the other hand, Warren Davidson and Darren Soto have also shown involvement in the discussion, reintroducing the Token Taxonomy Act, a bill that would prevent crypto assets from the “securities” classification and that also searches for clearer and smoother regulations in the American blockchain space.
By Andres Chavez