2020 US presidential hopeful Andrew Yang details his plan to regulate crypto at a national level

Quick Take

  • 2020 U.S. Presidential candidate Andrew Yang wants to bring in a national framework on cryptocurrencies 
  • The framework would define what a token is and when it is a security, as well as clarify tax implications, among other issues 
  • Yang also plans to set up a Department of Technology and revive the Office of Technology Assessment 

Andrew Yang, one of the candidates looking to take on U.S. President Donald Trump in the 2020 presidential election, has detailed his plan to bring in cryptocurrency regulations in the country.

In a blog post published late last week, Yang said cryptocurrencies are seeing levels of fraud because of the lack of regulation and the U.S. needs to catch up ahead of big tech companies and other countries in the space.

Big tech companies have "amassed too much power, largely profiting from our personal data, and unaccountable responsibility—we have reached a point where the government needs to step in," said Yang. 

National framework? 

Currently, there is no national framework for regulating cryptocurrencies, said Yang, adding that different departments of the federal government consider digital assets as property, commodities, or securities. Yang called New York’s BitLicense, for instance, as “onerous” regulation and that navigating different regulations has had a “chilling” effect on the U.S. digital asset market.

He, therefore, plans to set up a Department of Technology and revive the Office of Technology Assessment, an office of the U.S. Congress which dissolved 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," said Yang. 

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
<