Cryptocurrency Proponent Andrew Yang Ends Presidential Bid

Democratic presidential candidate Andrew Yang has withdrawn from the 2020 election race following a dismal showing in the New Hampshire primary Tuesday.

Yang entered in November 2017, centering his campaign around his signature "universal basic income" proposal, which would provide a $1,000 per month income to every American adult. However, as a candidate, he also created policy positions around the crypto and broader technology spaces.

In particular, he advocated for a comprehensive national approach to blockchain and crypto, rather than a "hodgepodge" of state and uncertain federal regulations.

“I think it’s unfair to folks and I think it’s a clear emblem of the U.S.’s approach, and [customers] ask ‘what the heck,'" he said at CoinDesk's Consensus 2019. "It’s one thing that they [regulators] come down when there’s clear guidelines [but there aren’t in crypto]. So the regulators owe us some degree, owe the community some degree of clarity.”

His campaign drew a large amount of support on social media, with many crypto proponents joining his #YangGang over the past two years.

This showing did not translate into support at the Iowa Caucus, where he received zero state delegates and only 1 percent of the vote, or in New Hampshire, where he received 2.9 percent of the vote as of press time, according to The New York Times.

Yang began laying off campaign staff following last week's Iowa Caucus, before formally shuttering his bid Tuesday night.

"It is clear tonight from the numbers that we are not going to win this race," he said in remarks during the evening.