U.S. presidential candidate Andrew Yang unveils cryptocurrency regulation plan

Andrew Yang, one of the candidates vying to succeed US President Donald Trump in the presidential election2020, detailed his plan to introduce cryptocurrency regulation in the country.

In a blog, Yang wrote that the crypto market is dominated by fraud due to a lack of regulation, and the US needs to catch up with big tech companies and other countries in the space.

According to Jan, at the moment there is no nationalcryptocurrency regulation systems, while various departments of the federal government view digital assets as property, goods or securities. For example, Ian called BitLicense in New York a “burdensome” measure, and existing rules have a “frightening” effect on the US digital asset market.

In this regard, he plans to create a Department of Technology and revive the Office of Technology Assessment, which broke up in 1995.

This department, initially focused onartificial intelligence, will be led by a technology minister who will renew public-private partnerships to counter emerging threats and maximize the benefits of technological innovation to society, – Ian said.

In particular, to clarify the situation, Yangplans to give a clear definition of tokens, determine which federal agencies have authority over cryptocurrencies; provide consumer protection; and clarify the tax consequences of owning, selling and trading cryptocurrencies.

21st Century Approach

Ian further said that members of the US Congress inThere is currently a lack of basic understanding of blockchain, cryptocurrencies and other technologies, as evidenced by recent hearings with technical leaders such as Mark Zuckerberg of Facebook.

Therefore, the presidential candidate plans to strengthen“Government knowledge and capabilities, using new metrics to determine competitiveness and quickly identifying new technologies that need to be regulated.”