Andrew Yang, who is running for the 2020 presidential elections of the United States, has announced he will promote clear regulations on digital crypto-assets if elected.
Per his website, Yang indicated the priority of his presidential campaign is promoting cryptocurrency and digital assets regulation framework. His goal is to set out practical crypto guidelines to attract more business and individual investments in the US market.
He also pointed out that the government has failed to develop and establish a national framework for regulating digital assets, while multiple federal agencies have conflicting principles over crypto. This uncertainty regulatory framework may cost the US its position in the world market to other jurisdictions, especially China and Europe.
The statement read, “It’s time for the federal government to create clear guidelines as to how cryptocurrencies/digital asset markets will be treated and regulated so that investment can proceed with all relevant information.”
“Investment in cryptocurrencies and digital assets has far outpaced our regulatory frameworks in the US. We should let investors, companies, and individuals know what the landscape and treatment will be moving forward to support innovation and development. The blockchain has vast potential,” it continued.
Alongside a clear legal framework, if elected president Yang claims he will provide transparency over the crypto market by assigning which federal agencies have regulatory power over the crypto and clarify the tax implications of using and trading Bitcoin and other cryptocurrencies.
Earlier this month, the US House of Representatives revived the Token Taxonomy Act, in an attempt to help regulators and businesses apply the law and operate in the US crypto market, reported The Crypto Sight.