US presidential candidate Andrew Yang differs from Trump in bitcoin regulation

US presidential candidate Andrew Yang differs from Trump in bitcoin regulation

Andrew Yang, one of the Democratic Party candidates who wants to succeed President Donald Trump, has shared how he wants to deal with cryptocurrency at the national level.

Pragmatic and progressive approach

He shares all his plans and ideas on his own website yang2020.com. Yang is known as the candidate who fights for a universal basic income, or as he calls it: Freedom Dividend. Every adult American citizen receives $ 1,000 each month to participate in what they want. Not much different than the basic income that Rutger Bregman of the Correspondent writes about a lot.

Yang is also known for his pragmatic and progressive approach to technological challenges. And now he focuses on cryptocurrencys. In a post last week, Yang wrote that fraud is possible with cryptocurrencys. According to him, this is due to the lack of regulation and that the US is lagging behind large technological companies and other countries.

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“Large technology companies have accumulated too much power, and benefit greatly from our personal data and too much responsibility. We have reached a point where the government must intervene, “said Yang.

Time for national regulations

There is currently no national framework for regulating cryptocurrencys, says Yang. He added that different departments of the federal government view digital assets as real estate, commodities or securities. He took the New York BitLicense as an example. This is too paralyzing for the US market for digital assets.

He therefore plans to set up a Department of Technology and to revive the Office of Technology Assessment. “This department, based in Silicon Valley and initially focused on artificial intelligence, will be led by a technology minister. This minister looks at public-private partnerships to tackle emerging threats and maximize the benefit of technological innovation for society. “

What are tokens?

Also important: he wants to clearly specify once and for all what the difference is between a token and a security. But also who within the government has regulatory power over crypto, who should offer consumer protection and what is the role of the tax authorities in owning, selling and trading cryptocurrency’s.

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From the most recent hearing with Facebook’s Mark Zuckerberg, Yang made one thing clear: members of the US Congress have no knowledge blockchain, cryptocurrency’s and other technologies,

“It’s embarrassing to see the ignorance that some members of Congress are showing when they talk about technology. Anyone who has seen Congress and Mark Zuckerberg’s hearing can confirm that, “said Yang.

This is not the first time that Yang is calling for clear regulations for cryptocurrency. In April he shared his position on what a crypto policy should look like. He also supports voting via the blockchain. The YangGang (as its supporters call it) also launched a super PAC (political action committee) to accept bitcoin donations.


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