Andrew Yang – a candidate from the Democratic party for 2020 presidency – has reportedly publicly revealed the initiatives he would take to provide regulatory guidance for the crypto scene. 

Specifically, on November 14, Yang has shared his perspective in a blog post, primarily focused on the tech scene, that the main reason behind the existing degree of fraud digital coins are undergoing is the insufficiency in regulations. 

“Other countries, which are ahead of us on regulation, are leading in this new marketplace and dictating the rules that we’ll need to follow once we catch up.” Yang claimed. 

Yang notified that crypto coins and digital assets have both been generating a considerate amount of economic activity, however, regulatory efforts from the authorities have been inadequate to fully match with the growth rate. 

 “A national framework for regulating these assets has failed to emerge, with several federal agencies claiming conflicting jurisdictions,”

Yang has then revealed his detailed plans for proper regulate the tech scene and guard US people against tech heavyweights that are prioritizing profits over our well-being,”, via providing a clear definition of what a token is, when a token is a security, along with simplifying the tax process for owning, selling, and trading digital assets, among others. Yang also shared that the US authorities first need to equip themselves with sufficient knowledge, prior to pushing out regulatory guidance for rapidly emerging tech such as blockchain or cryptocurrencies.