(Rejected 2) US Presidential Candidate, Andrew Yang Intends To Regulate Crypto Assets Properly

Andrew Yang is a legal practitioner, businessman, and philanthropist, who under the Democratic Party platform expressed interest in the forthcoming US presidential election. He made known his intentions in an interview with Bloomberg on January 29 about his political goals that crypto-assets need a norm or standardized rules and guidelines for proper regulation.

Andrew Yang said, according to the interview, "We're stuck with this hodgepodge of state-by-state treatments right now and it's bad for everyone: it's bad for innovators who want to invest in that room. So that would be my priority, there are clear and transparent rules so that everyone knows where they can go in the future and we can stay competitive. He previously posted a blog post in November 2019 on creating a proper regulation for achieving high economic growth.

The Democratic Party's presidential primaries are scheduled to hold on February 01, and hopefully, if Yang emerges as the party's flag-bearer, he might have a chance to win in order to carry out the crypto-regulations in his term. Crypto Regulation in the US One of the major factors militating against Cryptocurrencies has been proper regulation on the Crypto-market. The United States has regulated crypto-assets as far back as 2013 but may not be a leading country on today's global crypto-market due to some of the factors fighting against it.

Crypto Regulation in the US

Some optimistic developments are being seen today, as senators from the Hawaiian state passed a bill recommending that banks be allowed to deal with crypto-assets. It indicates the start of more Initial Public Offering (IPO) this year. The US crypto industry has been undeveloped over the years owing to this;

1. Regulators believe that cryptocurrency would influence innovation, leading to tradeoffs in their programs. Cryptocurrency will not impact innovation in this 21st century, rather it does act as a gateway to state economic development.

2. Regulatory authorities in the United States are provided to organizations such as SEC, IRS, FinCEN and CFTC that have different interests, views and steps to tackle the state's cryptocurrency.