2020 Democratic presidential candidate Andrew Yang has spoken on how he plans to regulate the cryptocurrency industry.
Andrew Yang who happens to be an entrepreneur, lawyer, philanthropist and a Democratic candidate in the 2020 United States presidential election on November 14th wrote on the tech industry that cryptocurrencies experience the levels of fraud that they do because of lack of adequate regulations. He said:
“Other countries, which are ahead of us on regulation, are leading in this new marketplace and dictating the rules that we’ll need to follow once we catch up.”
Yang said that cryptocurrencies and digital assets are already making impacts in economies. He said: “A national framework for regulating these assets has failed to emerge, with several federal agencies claiming conflicting jurisdictions,”
In the entrepreneur’s plan to regulate the tech industry and protect U.S. citizens from big tech companies “that are prioritizing profits over our well-being,” he promises to promote legislation on the crypto asset market space by defining what a token is, when a token is a security, and clarify the tax implications of owning, selling and trading digital assets.
Yang said that in order to effectively regulate innovative technologies like blockchain and cryptocurrencies, the U.S. government has to understand it first.
Yang referring to the Financial Services Committee and Facebook CEO Mark Zuckerberg session said:
“It’s embarrassing to see the ignorance some members of Congress display when talking about technology, and anyone who watched Congress question Mark Zuckerberg is well aware of this. Without a base level of understanding, it’s unreasonable to expect proper regulation of major tech companies, or the drafting of legislation that addresses the critical technological issues that we’ll continue to face in artificial intelligence and cybersecurity.”