Home Investing & Trading Presidential Hopeful Andrew Yang Calls for More Clarity on Cryptocurrency

Presidential Hopeful Andrew Yang Calls for More Clarity on Cryptocurrency

by Alan Daniel

The future-oriented and pragmatic presidential candidate, Andrew Yang seeks more clarity on cryptocurrency regulations. He argues that the lack of clarity on regulation for virtual currencies and digital assets is stopping further innovation from happening within the sector. As such, the presidential candidate is now bringing cryptocurrency to the spotlight. Cryptocurrency may not be the main talking point in the next election cycle but it is bound to be one of the items on the agenda.

Blockchain and Cryptocurrency Larger Than Mere Speculation
Those in the cryptocurrency industry and the larger blockchain industry as a whole think that this is just the start of the sector but they also realize that without proper support and clarity from the government they may be limited in what they could do. Leading investors and facilitators within the sector such as Timothy Draper, Joseph Lubin, and others believe that the blockchain will be bigger than the internet and will contribute significantly to the economy.

Interest From Established Institutions
Bringing cryptocurrency to a larger audience and addressing its importance in the world makes it to where it is not relegated to a niche group of people. Leaders in the IMF, the World Bank, and other leading financial institutions are also looking into the fundamentals of the blockchain and cryptocurrencies to better understand the underlying technology and incentive structures present within. The blockchain sector and the integration of cryptocurrencies have the potential to bring about more ways of transparent governing, elimination of middlemen, tracking and record keeping for a variety of industries.

Yang on the Potential of Cryptocurrency and The Blockchain
Yang has spoken about the potential present within the sector and has realized the need for more simplicity “Uncertainty in what regulatory framework will develop is causing US investment in the area to lag behind the investment of other countries.” Furthermore, the presidential candidate realizes the need for clarity in differentiation between digital assets and currencies and seamless taxation principles within the sector.

On Andrew Yang
Andrew Yang, a Democratic candidate for president runs on a technology-oriented platform, his talking points revolve around the gap between the rapid advancements in technology. Automation, the erosion of jobs, and the gaps this presents within the United States economy.

Andrew Yang is also a leading proponent for universal basic income as a remedy to help bridge the economic gap. Prior to running for president, the candidate was a tech entrepreneur and is the founder of Venture for America, a company that fosters economic opportunity creation through the utilization and development of human capital.

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