US Presidential Candidate Urges Need of Uniform Crypto Legislation

US Prudential Candidate Urges Need of Uniform Cryto Legislation

Andrew Yang talked about digital assets and their potential impact on local economy ahead of the upcoming caucuses of Iowa State.

The US presidential candidate said the cryptocurrency industry needs a uniform set of regulations.

Yang said:

“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 this space. So that would be my priority is clear and transparent rules so that everyone knows where they can head in the future and that we can maintain competitiveness.”

He added that the US government should invest in the blockchain technology, noting that people could not be prevented from investing in cryptocurrency regardless of regulatory hurdles.

Yang earlier said he plans to regulate the industry to promote growth and provide crypto fans with certainty.

He added that the current US crypto legislation is faulty, arguing that state-by-state regulation does not provide a space for creativity.

Actually, each US state has different crypto regulations, which indicates that investors can choose any state to launch their Bitcoin business.

Thus, Yang claims that a uniform set of regulation will significantly help crypto innovators.

Although Yang’s proposals tend to be in line with the cryptocurrency community’s wishes, he had been previously criticized by big personalities in the industry.

The democratic candidate said on his yang2020 website:

“I’m running for President as a Democrat in 2020 because I fear for the future of our country.  Eight years ago, I had just sold my education company. The country was struggling through the aftermath of the financial crisis, so I made it my mission to bring jobs back to the communities that were hit hardest.”

“I’m a job creator who understands the economy. It’s clear to me, and to many of the nation’s best job creators, that we need to make an unprecedented change, and we need to make it now,” he added.

Cryptolydian earlier reported that with the rapid spread of cryptocurrency and blockchain technology in all fields, the need for regulation is an ever-increasing necessity. However current regulation efforts may present too much of a constraint that may hinder growth for the still new sector.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.