Andrew Yang, the Democrat who is among the contenders for the 2020 U.S. presidential race, has big plans for cryptocurrency and blockchain technology. According to Bloomberg on May 15, 2019, Yang is solidly behind the nascent industry and if elected, would champion cryptocurrency-friendly regulations in the United States.
Billion-dollar Sector Set for a Fun Ride in the US
The cryptocurrency community has a strong proponent in its corner who is willing to project the industry in the United States. Andrew Yang, a United States 2020 presidential candidate of the democratic party, has started making big promises for the sector if elected into office.
Speaking at the recent Consensus Conference in New York, the pro-bitcoin supporter said:
“I believe that blockchain needs to be a big part of our future. If I’m in the White House, oh boy are we going to have some fun in terms of the cryptocurrency community”.
Yang’s election into the White House could help legitimize bitcoin in the United States. Also, if elected president, he could exert influence on Congress to pursue bi-partisan legislation that would create an enabling environment for bitcoin and other virtual coins in the U.S.
Currently, cryptocurrency and blockchain technology receive negative vibes from mainstream institutions, critics, and some government officials. U.S. Congressman, Bradley Sherman called for a bill that would outrightly ban of bitcoin and other cryptocurrencies. The anti-crypto Congressman further said that virtual currency would strip off the dollar’s power.
Retired U.S. Congressman, Ronald Ernest, however, condemned Sherman’s rant, saying that bitcoin and other virtual currencies serve as a superior alternative to the country’s faulty financial system and should thrive without constant interference from the U.S. government.
Back in December 2018,