Crypto Regulations Need to Change

Crypto Regulations Need to Change Says USA Presidential Hopeful

Cryptocurrency has a new hero and thankfully, it's not John McAfee. The new kid on the block is Andrew Yang, a 2020 US Presidential hopeful that is running in the Democratic primaries. He released a statement about his intention for cryptocurrency yesterday and it makes an interesting reading, whatever side of the political fence you happen to find yourself on.

Regulations need clarity

Yang believes that the United States is lagging behind countries in the race to develop cryptocurrencies properly. The patchwork of regulation that is available in the United States is not conducive to the overall health of the local cryptocurrency industry, he says. The financial institutions that are needed to bring cryptocurrency into the mainstream are primed to explode, but none of that is happening in the United States.

What he wants is to create a unified federal framework for cryptocurrency so that institutions, businesses, and consumers can invest in crypto without fear. He mentions the fear that is currently in the market is because of rapid changes in regulations due to the various federal agencies all trying to regulate a certain segment of cryptocurrencies.

Yang says this has created a system is causing the United States to fall behind leaders in the industry such as Europe and China. He believes that the US Government needs to react quickly to the changing crypto landscape for the country to take full advantage of this fantastic new technology.

Why Yang is crypto land's favorite son

Andrew Yang has been rallying support for his ideas for a while now. On Twitter, he has become a favorite of the crypto crowd due to his acceptance of Bitcoin, Ethereum and a number of other coins last year.

In an AMA he did on Facebook with his followers, he said that he is an even bigger fan of the underlying technology of cryptocurrencies, namely distributed ledger technology. This type of pro-crypto stance has earned his followers the moniker of the "Yang Gang".

He is also among the growing number of Democrats that are supportive of a $1000 a month Universal Basic Income (UBI) for the people of the United States that are over the age of 18. Many believe that his plans for UBI tie into his plans for crypto, as it would be the perfect system to deliver such a large project.

Many unsure despite a proper plan in place

While Yang certainly talks the talk, there are many who have been disillusioned in the past with politicians who have promised something and not delivered. While the UBI idea is something that is shared by a number of Democrats, his stance of cryptocurrency is one that many feel would be hard-pressed to deliver should he ever attain the nation's highest office.

Quite a few of his critics point to the overwhelming feelings of hope that swept the currently divided nation when Barack Obama was sworn into office. Many key promises he made, say these critics, were not fulfilled in the slightest. So cynical crypto veterans are wary of taking too much of what Yang says at face value.

It is, however, a good sign that politicians are looking to provide answers to the growing complexity of regulatory matters in the US. While Yang might not be in the Oval Office come 2020, his views certainly show that there is political will behind a change in the US policy towards cryptocurrency.

Author: Ali Raza for Crypto-Rating.com