Tech

Dan Taylor

Democrat Andrew Yang believes blockchain ‘big part’ of US future

A candidate for Democratic presidential nomination has spoken out in favor of blockchain, saying the technology will be a “big part of our future.”

Andrew Yang, who is running for the 2020 nomination, made the comments at an event in New York. The entrepreneur-turned-politician recently launched his own digital asset platform, and has called for more regulation of the blockchain and cryptocurrency space, in a bid to encourage innovation.

In a direct call-out to the “crypto community,” Yang said he was keen to pursue a pro-cryptocurrency agenda should he become the next President of the United States.

“I believe that blockchain needs to be a big part of our future. If I’m in the White House, oh boy are we going to have some fun in terms of the crypto currency community,” he said.

Yang has already found favor within the crypto community, after publishing his proposed framework for regulation—including clearer definitions on digital assets and tokens, as well as more structured tax rules.

The proposals also called for clarification over which agencies regulate the sector and to what extent, which would clear-up the current maze of disjointed regulation from different agencies.

Yang noted, “We just need to provide rules of the road. We need to figure out which agency is going to be interacting with individual currencies. It would be unfortunate if every time a new currency comes out we then have to decide which framework applies.”

The comments have been broadly welcomed, and could help eliminate some of the regulatory stumbling blocks currently holding back innovation throughout the blockchain sectors.

While Yang has no personal cryptocurrency holdings, he is an investor in at least one entity which holds some digital assets. Yang’s Presidential campaign is currently accepting donations in crypto.

Andrew Yang is arguably best known for his position on universal basic income, after championing plans for a $1,000/month guaranteed payment to citizens over 18. Pitched as a response to job losses from automation, he regards the policy as pivotal to preventing an eventual financial crisis.

While by no means seen as a frontrunner, Yang has been gaining momentum nationwide in recent weeks, thanks in large part to recurring media appearances on shows like the Joe Rogan podcast.

Yang recently confirmed he had passed the threshold 65,000 donors required to take part in the first round of debates.

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