Andrew Yang, a US presidential candidate, running for the Democratic Party nomination, wants clear rules at the federal level to govern the crypto sector and blockchain technology. According to him, the current regulatory environment is hurting everyone.
During a recent interview, Yang called for clear rules to govern crypto in America. He also discussed how the current patchwork of rules was hurting everyone. Yang noted that currently, each jurisdiction in the US has its own rules for the crypto sector. Even at the federal level, different bodies regulate crypto differently. The result was a lot of confusion for everyone involved in the crypto sector.
When asked whether he supported people moving out of the fiat currency system and entering crypto, he said it was impossible to stop the move. As a result, creating regulation to impede the move into crypto would not have any effect if someone were intent on accessing crypto.
Andrew Yang has become quite popular in the latest past. Online, he has built the Yang Gang movement, which has many people that support him. While he might not win the nomination for the Democratic Party, he will still be an influential figure in political circles.
One of his most famous proposals was for the creation of a Universal Basic Income, where each S citizen would be awarded $1000 each month if they were above 18 years. He has been quite pro-technology, including blockchain technology. This has made him quite popular with the crypto community.
One of his biggest endorsements came from Dave Chappelle, who is the recent winner of the Mark Twain Prize. Besides that, he has received an endorsement from Elon Musk, who is quite famous in the crypto community. He agrees with Yang’s views on the crypto sector.
Thus far, none of the leading candidates has fully endorsed crypto. However, crypto already enjoys support inside the US House of Representatives as well as some major opposition. Despite some support, it has not translated into any tangible legislation at the federal level.