Cryptocurrencies and blockchain technology have lost a proponent and ally in the American political landscape.
“While there is great work left to be done, you know, I am the math guy, and it is clear tonight from the numbers that we are not going to win this race [...] I am not someone who wants to accept donations and support in a race that we will not win. And so tonight I am announcing I am suspending my campaign for president.”
Presidential election season in the U.S. is well underway, with the Iowa caucuses happening just two weeks ago. Yang garnered barely 1% of the vote in Iowa, and subsequently dropped out after an equally disappointing showing in the New Hampshire caucuses.
On his official Twitter profile, he promised his supporters, “We’ll be back.”
Andrew Yang’s relationship with crypto and blockchain
Yang is known among his fellow candidates in the American primaries as a strong proponent for entrepreneurship, as well as supporting a basic universal income (UBI) and forward-thinking approach to blockchain technology and cryptocurrencies.
Last summer, Yang said that he would implement blockchain-based mobile voting if he wins the 2020 United States presidential election. In November 2019, he outlined how he plans to regulate the cryptocurrency industry, highlighting the need for clear rules in the space after already calling for such measures in April.
In November 2019, Yang butted heads with the cryptocurrency community after announcing his UBI project that is “literally trying to give everybody money.” As the U.S. and global debt approached record-high levels, the idea of expanding access to fiat currency as a benefit was met with more anger than approval from Bitcoiners.
A political action committee supporting presidential candidate Andrew Yang had previously allowed donations in Bitcoin via Lightning Network.
Cryptocurrencies and blockchain in the U.S.
The United States has so far seen the development of a great number of cryptocurrency- and blockchain-related patents and firms.
Earlier this month, blockchain software startup Simba Chain told Cointelegraph that the Naval Air Warfare Center, a California-based research group of the U.S. Navy, paid nearly $10 million to create a blockchain-based secure messaging platform.
Furthermore, as China’s central bank digital currency nears completion, the United States Federal Reserve’s board of governors has recently signaled that the institution is more open to the idea of a government digital currency than previously.