Last Updated on November 17, 2019
One of the most prominent candidates for the next presidential election in 2020 in the United States is Andrew Yang. A lawyer and philanthropist, the Democratic candidate is making many pay attention to him. Just recently, he made his opinions on the crypto sector known and not a few are thinking of what a Yang presidency will rule the financial market.
In a blog post that has to do with the technology sector, Yang shared what he considers his own views on cryptocurrencies. He insisted that digital currencies are involved with all kinds of fraud because of the absence of proper regulations.
Yang said that other nations are doing better with the regulation of the crypto sector. He did not stop there, he also said such nations are now the leaders in the sector and make the rules. He then suggested that the United States will need to also come up with regulations so the country can level up with others.
Current Market, Current Problems
Yang also clarified that cryptocurrencies and other digital assets are very crucial parts of the financial sector as it is today. But he went ahead to say that the feedback from the government has not been excellent enough. He complained that a nationwide system that can regulate these assets does not exist. He lamented that the numerous government agencies that are supposed to be doing the work of regulation are busy contradicting themselves.
He then outlined his plan to bring a new level or system of regulation to control activities in the tech sector. He also stated that his plan was going to be more than just regulating the sector. The plan will also offer protection for the citizens of the United States from the all-powerful tech companies like Apple, Facebook, Google, Amazon, and Twitter. Yang believes these companies are more interested in profits than the welfare of American citizens.
His promises also include the promotion of laws that will focus on the crypto asset niche. These laws are going to explain precisely what a token is or when such a token can be said to be a form of security. The laws are also going to shed more light on the tax effects of the ownership, sale, and trading of digital assets.
Blasting the Congress
Yang also had some caustic words for the United States government. He said for the government to be able to properly regulate innovative technologies like digital assets and blockchain, they have to comprehend them first. He was obviously making reference to the Financial Services Committee which grilled Facebook head Mark Zuckerberg for more than six hours.
The grilling had to do with the Libra Association and the Libra token that the social media giant was planning to roll out. Yang said it is an embarrassment to see members of Congress demonstrating ignorance when it comes to discussions on technology. He said the ignorance was very apparent to anyone who watched the session in Congress with Mark Zuckerberg.