U.S. Presidential Candidate Reveals Crypto Industry Regulation Plan
November 18, 2019, by Marko Vidrih on ALTCOIN MAGAZINE
US presidential candidate in the 2020 election, Andrew Yang revealed the details of his plan to regulate the cryptocurrency industry.
According to Young, cryptocurrencies are associated with fraud, including due to weak regulatory measures. The presidential candidate draws attention to the fact that at present there is no national legal framework in this context, and various regulatory agencies consider cryptocurrencies as property, exchange goods or securities. Young calls the existing BitLicense in New York “onerous” and states that the existing approach does not contribute to the formation of the digital asset market in the United States.
In this regard, he plans to establish the Ministry of Technology and to restore the Bureau of Technical Assessment, which was abolished by Congress in 1995.
“This Department, based in Silicon Valley and initially focused on Artificial Intelligence, will be led by a Secretary of Technology who will spearhead public-private partnerships to tackle emerging threats and maximize the benefit of technological innovation to society,” Young writes.
In particular, he intends to approve the concept of a token and the principles of its recognition as a security, to distribute powers to regulate the cryptocurrency market among existing departments, to protect consumers and clarify the principles of taxation.
Members of the Congress, according to Young, have a vague idea of blockchain, cryptocurrencies and other technologies, which was confirmed by the example of recent hearings with the participation of Mark Zuckerberg:
“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.”
To solve the existing problems, the presidential candidate intends to resort to the “21st-century approach” and improve the government’s work with innovative technologies. In addition, he plans to introduce regulation on working with data by extending ownership of them:
“The associated rights will enable individuals to retain ownership and share in the economic value generated by their data.”
Young previously stated that he expects to streamline the regulation of the cryptocurrency sector and improve the voting process using the blockchain.
Author: Marko Vidrih
