{"id":102231,"date":"2019-04-18T17:08:39","date_gmt":"2019-04-19T00:08:39","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=102231"},"modified":"2019-10-26T04:22:32","modified_gmt":"2019-10-26T04:22:32","slug":"meet-andrew-yang-the-pro-bitcoin-presidential-candidate","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/meet-andrew-yang-the-pro-bitcoin-presidential-candidate\/","title":{"rendered":"Meet Andrew Yang, the pro-bitcoin presidential candidate"},"content":{"rendered":"

Andrew Yang, the 2020 Democratic presidential candidate, has now become the pro-cryptocurrency candidate. Crypto was recently added to his list of platform priorities<\/a>, joining Yang\u2019s push for policies such as universal basic income, Medicare for all, and human-centered capitalism.<\/p>\n

Who Is Andrew Yang?<\/h2>\n

Andrew Yang<\/a> is a tech-savvy lawyer who hails from the startup scene. His support of memes and \u201ctech-bro\u201d reception have taken the community by storm, garnering support from Silicon Valley, millennial voters, and internet communities such as Reddit and 4chan.<\/p>\n

Yang is the founder of Venture for America<\/a>, a non-profit that is attempting to \u201crevitalize American cities and communities through entrepreneurship,\u201d especially in the US Rust Belt states. His platform, under the Democratic party, supports initiatives such as universal basic income (UBI), Medicare for all, and now\u2014Bitcoin<\/a> adoption.<\/p>\n

Yang on Crypto<\/h2>\n

Bitcoin, cryptocurrency, and digital assets were recently added as a priority for Andrew Yang\u2019s presidential platform. According to a release on his campaign\u2019s policies page:<\/p>\n

\u201cInvestment in cryptocurrencies and digital assets has far outpaced our regulatory frameworks in the US. 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.\u201d<\/p><\/blockquote>\n

His stance emphasizes that cryptocurrency has grown to represent a large amount of economic activity in the US. Between blockchain-related startups, Bitcoin, and altcoins, the industry represents an industry capitalized in the hundreds of billions. Yet, the government\u2019s response and regulations (or lack thereof) has stifled growth, suggests Yang\u2019s platform.<\/p>\n

Creating a Clear Regulatory Framework<\/h2>\n

According to the page, multiple federal agencies have attempted to claim jurisdiction over crypto. Agencies such as the Securities Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), alongside states, have issued unclear and sometimes conflicting regulations on Bitcoin and cryptocurrency. Yang\u2019s platform goes as far as to call some state regulations \u201conerous,\u201d citing New York\u2019s BitLicense\u2014coinciding with Bittrex\u2019s recent rejection<\/a> for the license.<\/p>\n

\"Meet<\/a>
Related:\u00a0Meet the political candidate fighting for crypto<\/a><\/figcaption><\/figure>\n

That said, the SEC seems to have taken steps to provide further clarity. On Apr. 3rd, the staff of the SEC\u2019s Strategic Hub for Innovation and Financial Technology published a framework for evaluating whether a digital asset is a \u201csecurity\u201d under federal law.<\/p>\n

On the same day, the staff of the Division of Corporate Finance published a no-action letter involved a proposed token offering\u2014concluding the agency would not recommend enforcement action against a proposed offering, as there was no \u201csecurity\u201d involved. The steps were met by lukewarm reception from the crypto-community, with some asserting that little clarity was provided in how coins are classified as utilities or securities.<\/p>\n

These constraints have made it difficult for the US to compete against countries with more favorable regulations, with places in Europe and Asia fostering growing blockchain industries. As such, regulations in the US have caused its investment into crypto lag behind other countries, assets Yang\u2019s platform.<\/p>\n

Overall, the US regulatory response has had a \u201cchilling effect on crypto.\u201d Instead, Yang calls for a \u201cclear national framework\u201d for regulating digital assets:<\/p>\n

\u201cIt\u2019s 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.\u201d<\/p><\/blockquote>\n

His Stance on the Issues<\/h2>\n

Yang\u2019s goal is to create clear guidelines so builders and investors can innovate in the industry without fear of regulatory shifts or arbitrary punitive action. Alongside a clear legal framework, if elected president Yang claims he will:<\/p>\n