Andrew Yang the one from many other who is looking to take on U.S President Donald Trump in the 2020 presidential Elections has already planned to bring cryptocurrency regulations in the United States.
In a recent blog post Yang considered the lack of regulations in the united states as the main reason for the rise of fraud and U.S need to catch up with other Tech giants in this field along with other countries.
According to him the big tech companies are profiting from our personal data and this has reached to an extent that government has to step into it.
Currently there is no national framework in the U.S to regulate the Cryptocurrencies, as per Yang all the different departments of the federal government considered the digital asset as a property, commodity or securities.
Concluding further he is therefore planning to setup a whole new Department of Technology so as to revive the Office of Technology Assessment, an office that was operational when the U.S Congress was dissolved in 1995.
Therefore to provide clarity of the term token Yang plans to define a losg list of things like what a token is and when it’s a security; define which federal agencies have regulatory power over crypto; provide for consumer protections; and clarify the tax implications of owning, selling, and trading cryptocurrencies.
Yang further added to it and said the U.S lacks the basic understanding of the Blockchain Technology and many other technologies he also commented his views on the recent hearing of Mark Zuckerberg with the Congress and said that “It’s embarrassing to see the ignorance some members of Congress display when talking about technology, and anyone who watched Congress question Mark Zuckerberg is well aware of this,”
So, as to bring the change Yang plans to adopt the 21st century approach to the regulations that will subsequently increase both knowledge and capacity of the government at the time of using the new metrics so as to define the competitiveness and quickly identify the emerging tech.
On the other hand Yang plans to regulate the use of data and privacy by applying rights over the usage of data to this he said “The associated rights will enable individuals to retain ownership and share in the economic value generated by their data,”.
With all this it’s not the first time Yang has called for the clear regulations in the crypto industry.