Democratic 2020 presidential candidate Andrew Yang has outlined how he plans to regulate the cryptocurrency industry.
Promise to promote legislation on cryptocurrencies
On Nov. 14, Yang, an entrepreneur, lawyer, philanthropist and a Democratic candidate in the 2020 United States presidential election, wrote in a Nov. 14 blog post on the tech industry that cryptocurrencies experience the levels of fraud that they do because of lack of adequate regulations. He said:
“Other countries, which are ahead of us on regulation, are leading in this new marketplace and dictating the rules that we’ll need to follow once we catch up.”
Existing market for crypto, existing problems in big tech
Yang explained that cryptocurrencies and digital assets already compose a great deal of economic activity. The governmental response has lagged. “A national framework for regulating these assets has failed to emerge, with several federal agencies claiming conflicting jurisdictions,” he said.
In his broader plan to regulate the tech industry and protect U.S. citizens from big tech companies “that are prioritizing profits over our well-being,” Yang promises to promote legislation on the crypto asset market space by defining what a token is, when a token is a security, and clarify the tax implications of owning, selling, and trading digital assets, among others.
Taking a stab at Congress for lack of basic knowledge of technology
Yang further pointed out that in order to effectively regulate innovative technologies like blockchain and cryptocurrencies, the U.S. government first needs to understand it.
Yang is referring to the Financial Services Committee, who questioned Facebook CEO Mark Zuckerberg for over six hours about the Libra Association and its planned Libra token. Yang said:
“It’s embarrassing to see the ignorance some members of Congress display when talking about technology, and anyone who watched Congress question Mark Zuckerberg is well aware of this. Without a base level of understanding, it’s unreasonable to expect proper regulation of major tech companies, or the drafting of legislation that addresses the critical technological issues that we’ll continue to face in artificial intelligence and cybersecurity.”
In August, Yang said that he plans implement blockchain-based mobile voting if he wins the 2020 United States presidential election, believing that American citizens should have the option of voting on a mobile device — with blockchain technology used for verification purposes.