Andrew Yang, who is a billionaire running for the Democratic nomination for presidential candidate in 2020, has released a plan in which he would regulate the cryptocurrency industry. On November 14, Yang wrote a blog post about the tech industry. In it, he said that the cryptocurrencies have too much fraud because of a lack of federal regulations. Yang is an entrepreneur, lawyer and philanthropist.
According to Yang, other countries are well ahead of the United States in the area of regulating digital coins. They are leading the way in the digital coin marketplace and basically telling the United States which rules it will have to follow once it has caught up in the marketplace.
Yang went on to add that digital assets already make up a lot of economic activity. There has been a minimal federal effort to regulate it. Yang says that a national framework for asset regulation of those assets is needed. As it is, different federal agencies have already claimed jurisdiction and set up conflicting expectations for cryptocurrency rules.
Yang has a bigger plan to regulate the tech industry as a whole. He wants to protect Americans from tech companies that prioritize profits over well-being. He also promises to promote legislation that defines a token, when a token is a security and the tax implications of trading, owning and selling digital assets.
Yang also pointed out that the United States Congress needs to take more time to understand cryptocurrencies so that they can write rules and laws about it and its regulation. In particular, he is referring to the Congressional Financial Services Committee. This committee questioned Mark Zuckerberg for more than six hours over Libra and its planned token.
About the questioning, Yang said that the ignorance displayed by Congress was appalling. Most of the people interrogating Zuckerberg had little to no understanding of cryptocurrencies or anything else related to what they were asking him. Americans cannot expect good regulation of tech if the lawmakers do not understand the basics. Yang expects that the USA will have ongoing cybersecurity problems if lawmakers do not educate themselves.