The US needs to begin to regulate crypto-industry in order to become a market leader consistently, said Democratic presidential candidate Andrew Yang in an interview with Bloomberg. According to him, the lack of uniform legislation for all states impedes the development of both individual projects and the industry as a whole.
Democratic candidate Andrew Yang says America cannot become a leader in the crypto industry due to a lack of unified legislation, and banning the trade in digital assets is useless.
“Right now, we are standing still due to confusion in state-to-state law, and this is bad for everyone. This is bad for innovators who want to invest in crypto space, ” Yang said.
He added that the underlying technology of cryptocurrencies has high potential, so the US should invest in it. At the same time, introducing restrictions on operations with digital assets does not make sense, since citizens have been working with them for a long time, and the regulator will not be able to prevent this, the candidate believes.
In the United States, there is currently no precise legislative regulation of digital money. Some states, such as New York, have developed crypto project licensing programs. Others rely on a combination of judicial precedents, international conventions, and periodic guidelines from federal regulators, such as the US Securities and Exchange Commission (SEC).
The latter classifies all tokens that have passed the ICO stage as securities, despite the possible differences between cryptocurrencies and the technologies embedded in them. In this regard, the department appealed to a US court with a request to suspend the development of the Telegram payment system.
If he wins the presidential race, Andrew Yaung is going to focus on the development of the blockchain industry.
In November of the previous year, the candidate indicated in his election campaign that he was planning to create the Ministry of Technologies, introduce legislative clarity for the cryptocurrency market and delimit tokens for securities and other types of assets. Among other things, Young noted that it is possible to add tax consequences for the ownership and trading of digital coins.
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