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US Presidential Candidate Andrew Yang Calls Himself a “Friend” of Crypto

Andew Yang

Andrew Yang, a United States Democratic 2020 presidential candidate discussed about blockchain, bitcoin and his presidential campaign at Consensus 2019 on Wednesday. In front of a friendly crowd, Yang presented himself as a sincere friend of the crypto sector. Previously, a policy statement on virtual asset regulations was issued by his campaign.

Apart from crypto related topics, he also expressed his views on the threat of climate change, the declining influence of traditional media and current US president Donald Trump.    

Previously, media reports came out claiming that clear guidelines in the virtual asset sector were promised by Yang so that investors can innovate and invest in various cryptocurrencies without fearing a regulatory shift. He reiterated the same position during an onstage conversation with Neeraj Agrawal.  

Yang clarified to the media that he himself doesn’t own any digital asset. However, he has some share in a vehicle that possesses some blockchain adoption.

Criticizing regulators’ approach of making policies through enforcement actions instead of issuing guidance, he said that it is unfair to the crypto entrepreneur that there is no clarity on crypto regulations from US authorities. The community deserves some degree of clarity.

Moreover, Yang admitted that many crypto users are motivated by digital privacy concerns. He showed sympathy towards the users who want a non-monitored manner of transactions. He gave light-hearted advice to crypto advocates saying that they should not “eat, sleep and breathe [crypto] too much”, sometimes they need to go on a hike too. He believed that blockchain is one of the key technologies of the future and during his time in the White House, he will act as a friend of the crypto community.

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2020 Democratic Presidential Candidate Andrew Yang Hits Out at BitLicense

2020 Democratic Presidential Candidate Andrew Yang Hits Out at BitLicense

Pro-Bitcoin Presidential Candidate Andrew Yang is calling for more clarity in regulating cryptocurrencies slamming BitLicence as “onerous”.

BitLicence, the business license of virtual currency activities issued by the New York State Department of Financial Services, has again come under fire in the 2020 Democratic presidential candidate’s latest comments.

Yang is an American entrepreneur, philanthropist and the founder of Venture for America. He worked in startups and early-stage growth companies as a founder or executive from 2000 to 2009. He is one of the few presidential candidates in history to accept crypto donations.

One of the concerning factors of BitLicence that many exchanges cite is its dictatorial approach to regulating the market, even to the extent of instructing exchanges exactly which cryptocurrencies they are permitted to trade. When the BitLicense was first enacted at least ten major cryptocurrency companies shuttered their doors to New York customers, and some people have called this the Great Bitcoin Exodus. Ripple gained their license in 2016 and Coinbase in 2017.

Yang is pushing for much clearer regulation, a well-trodden path by many industry players, arguing that has the US will fall behind due to conflicting regulation measures and such introductions as the Token Taxonomy Act, pointing to Wyoming as a beacon of sensible legislation regarding cryptocurrency. He said:

“It’s time for the federal government to create clear guidelines as to how cryptocurrencies/digital asset markets will be treated and regulated so that investment can proceed with all relevant information.”

Wyoming continues to build legislative bridges between the cryptocurrency system, its underlying blockchain technology, and legacy financial laws of the state. Efforts so far have been channeled towards innovation and improved economic activities of digital assets. Its most recent bill aims to identify and classify digital assets into three categories: digital consumer assets, digital securities, and virtual currency.

The bill mentioned that virtual currency is “intangible personal property and shall be considered money”.

 

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