Andrew Yang who wants to take on the present President Donald Trump in 2020 US President election, shared his plans to bring in a national framework on cryptocurrencies.
The draft was published on November 14, 2019, entitling “Regulating technology firms in the 21st century”. As per the detailed statement, Yang seeks to regulate the crypto industry effectively. In a further statement, Yan said, “Big Tech companies are the winners of the 21st-century economy” and mentioned a sense of urgency that this is the point where the government needs to step in.
These companies themselves are asking for regulation (until you propose specifics). Unfortunately, our government is unequipped to handle it, explained Andres. We dissolved the Office of Technology Assessment in 19952. Recent hearings3with tech CEOs like Mark Zuckerberg exposed the lack of basic understanding of technology by members of our Congress.
He went on to say that cryptocurrencies and video game loot boxes are two areas where legislators are unprepared to understand the technical aspect”. His view is that the lack of regulation in areas like the crypto industry increases fraud issues.
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.
Notably, few months back Donald Trumph bashed at Libra, Bitcoin and cryptocurrency in general, Andrew’s view towards cryptocurrencies and digital assets is profoundly different. According to Andrew, these virtual assets represent “a large amount of value alongside economic activity”.
Andrew asserts that the current industry in the United States lacks crypto regulations and mentioned about the different terminologies that are being used for crypto assets by different countries. Further, he agrees with the regulator’s comment, stating that the big tech companies are amassing too much power. Accordingly, he wants to set up a Department of Technology and promote positive crypto legislation. He further states that;
As President, I will…
Promote legislation that provides clarity on cryptocurrency/digital asset market space by
Defining what a token is, and when it is a security
Defining which federal agencies have regulatory power over crypto/digital assets space
Notably, Mark Zuckerberg’s hearing which was held on Oct 23 to testify Libra before the congressional committee wasn’t well-received by the crypto community, specifically, crypto enthusiasts trolled Congress members for the questions they asked Zuckerberg. However, Andrew’s note echoed similar concerns. He explained;
It’s embarrassing to see the ignorance of some members of Congress display when talking about technology. 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.
Image Source – Flickr
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