Andrew Yang, the 2020 Democratic presidential candidate, has now become the pro-cryptocurrency candidate. Crypto was recently added to his list of platform priorities, joining Yang’s push for policies such as universal basic income, Medicare for all, and human-centered capitalism.
Who Is Andrew Yang?
Andrew Yang is a tech-savvy lawyer who hails from the startup scene. His support of memes and “tech-bro” reception have taken the community by storm, garnering support from Silicon Valley, millennial voters, and internet communities such as Reddit and 4chan.
Yang is the founder of Venture for America, a non-profit that is attempting to “revitalize American cities and communities through entrepreneurship,” especially in the US Rust Belt states. His platform, under the Democratic party, supports initiatives such as universal basic income (UBI), Medicare for all, and now—Bitcoin adoption.
Yang on Crypto
Bitcoin, cryptocurrency, and digital assets were recently added as a priority for Andrew Yang’s presidential platform. According to a release on his campaign’s policies page:
“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.”
His stance emphasizes that cryptocurrency has grown to represent a large amount of economic activity in the US. Between blockchain-related startups, bitcoin, and altcoins, the industry represents an industry capitalized in the hundreds of billions. Yet, the government’s response and regulations (or lack thereof) has stifled growth, suggests Yang’s platform.
Creating a Clear Regulatory Framework
According to the page, multiple federal agencies have attempted to claim jurisdiction over crypto. Agencies such as the Securities Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC),