Presidential Hopeful Andrew Yang Plans to Regulate Crypto Industry

Democratic 2020 presidential candidate Andrew Yang has outlined how he plans to regulate the cryptocurrency industry.

Promise to promote legislation on cryptocurrencies

On Nov. 14, Yang, an entrepreneur, lawyer, philanthropist and a Democratic candidate in the 2020 United States presidential election, wrote in a Nov. 14 blog post on the tech industry that cryptocurrencies experience the levels of fraud that they do because of lack of adequate regulations. He said:

“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.”

Existing market for crypto, existing problems in big tech

Yang explained that cryptocurrencies and digital assets already compose a great deal of economic activity. The governmental response has lagged. “A national framework for regulating these assets has failed to emerge, with several federal agencies claiming conflicting jurisdictions,” he said.

In his…