Among the growing opposition for cryptocurrency at the government level in the United States, it is somewhat refreshing to see the Democratic presidential candidate Andrew Yang actively support cryptocurrency. He had also released a policy statement stating his plans for standardizing cryptocurrency and blockchain.
“The blockchain has a wealth of potential. Could make many things more secure transparent and efficient,” said Yang.
As it currently stands, Yang is the only 2020 candidate to be accepting donations in Bitcoin.
The policy statement released by Yang addressed several issues such as the need for a clear definition of tokens as well as the necessity for framing tax regulations that make crypto transactions more viable and hassle-free. His pro-crypto currency stance has made him a favorite among the crypto community of the USA.
According to Yang, a clear framework and an agency must be established for interacting with the cryptocurrencies. “We need to figure out which agency is going to be interacting with individual currencies. It would be unfortunate if every time a new currency comes out we then have to decide which framework applies.”
He says that the blockchain “needs to be a big part of our future” and that if he’s in the White House, the nation is going to “have some fun in terms of the cryptocurrency community.”
In his policy statement, Yang also says that the crypto and the digital asset market have developed at a rapid pace and that the regulations haven’t caught up with them yet. He cited how several states in the US have conflicting rules and regulations with respect to cryptocurrencies.
“We are happy to see that Mr. Yang is taking the issues facing cryptocurrency developers and users seriously. He has identified the most pressing issues affecting this technology and seems have come to the right conclusions on how to best address them,” wrote Neeraj Agrawal, director of communications for Coin Center in an email to CoinDesk.
While Yang does not own any cryptocurrencies, it was revealed that he, however, invests in at least one investment vehicle that has crypto holdings. He said that he accepts campaign donations paid in cryptocurrency. His stance on universal basic income coupled with his positive outlook on cryptocurrency is helping him gain steady popularity with some unlikely audiences.