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Andrew Yang, an American entrepreneur and 2020 Democratic candidate for president, has laid out a clear proposal for handling regulations for Bitcoin (BTC) and the rest of the digital asset class.

According to the candidate’s summary page, Yang sees the current state of federal and state crypto regulations as having a chilling effect on the US digital asset market. Yang goes as far as to call the New York BitLicense an onerous piece of regulation.

“Investment in cryptocurrencies and digital assets has far outpaced our regulatory frameworks in the US,” states Yang. “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.”

To help solve some of these lingering issues, Yang proposes doing the following:

  • Define what a token is, and when it is a security (e.g., recognizing utility tokens)
  • Define which federal agencies have regulatory power over the digital asset space
  • Provide for consumer protections in the space
  • Clarify the tax implications of owning, selling and trading digital assets
  • Promote the nationwide adoption of recognition of protections afforded by a series LLC
  • Preempt state regulations when possible to create one national framework

Yang sees the sponsors of the Token Taxonomy Act and Wyoming legislators as ideal partners in this endeavor, as he believes their models have worked.

As we previously reported, Yang has been accepting cryptocurrency donations, including Bitcoin and anything on the ERC-20 standard since last July. Individuals interested in backing Yang can donate a maximum of $2,500 in cryptocurrency.

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More: Crypto/Digital Asset Regulation and Consumer Protection
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Image: Andrew Yang / Twitter

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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