Andrew Yang urges crypto regulation reform

Presidential candidate castigates technologically clueless politicians

Andrew Yang, the idiosyncratic candidate for the Democratic party presidential nomination, has urged the need for greater consistency in America’s regulation of cryptocurrencies.

Speaking to Bloomberg, Yang stated: "Right now we're stuck with this hodgepodge of state-by-state treatments and it's bad for everybody. It's bad for innovators who want to invest in the space.” Yang has not previously held elected office, instead he built his career as an entrepreneur and in the non-profit sector. Recognised as a ‘Champion of Change’ in 2011 by the Obama administration, Yang is perhaps best known for his support for a Universal Basic Income.

Perhaps thanks to his reputation for thinking outside of the box, Yang’s views on cryptocurrencies have been sought more frequently than other Democratic candidates.

In November Yang wrote: “Other countries, which are ahead of us on regulation, are leading in this new marketplace and dictating the rules that we’ll need to follow once we catch up.”

Yang continued this line in his recent interview observing: "The underlying technology of cryptocurrencies is very, very high potential and we should be investing in it,

"We need to have a uniform set of rules and regulations around cryptocurrency use nationwide."

Proof for the sincerity of his belief in blockchain technology can be found in his promise to implement a blockchain-based mobile voting system should he win the presidency this November.

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The United States does not currently have a unified legal framework with regulatory standards different from state to state. Nonetheless, some federal agencies do exercise some oversight. The Securities and Exchange Commission has classified all initial coin offerings (ICOs) as securities. While the Commodities and Futures Trade Commission (CFTC) monitors the majority of crypto exchanges.

Yang also took aim at some senators and congressmen and women who oversee these regulators and wider technology regulation for their lack of technical expertise, stating:

“It’s embarrassing to see the ignorance some members of Congress display when talking about technology, and anyone who watched Congress question Mark Zuckerberg is well aware of this.

"Without a base level of understanding, it’s unreasonable to expect proper regulation of major tech companies, or the drafting of legislation that addresses the critical technological issues that we’ll continue to face in artificial intelligence and cybersecurity.”

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