Crypto… In the White House?
The entrepreneur says that among his duties as president will be fixing the country’s “confusing” cryptocurrency regulations. He wants a set list of regulations that companies and individuals can follow, so they no longer need to fear digital investing opportunities.
Already (and like most Democrats’ plans for the election), there are loopholes in Yang’s ideas. First off, he says he wants to protect users from “random changes” to these rules. Things are going to change over time. We need to accept this and make room for it. The cryptocurrency space is going to change, which means that the rules must do so as well.
If we keep the same rules and regulations in place under all circumstances, this is a hindrance to the cryptocurrency space. It will not mature, it will not grow, and it will not attract the right users. We need to leave the door open to potential alterations should the space ever call for this.
Where Yang does have his head in the right place is that he wants to give the United States a competitive edge. He says that during the present time, the U.S. cannot compete with regions like Europe and China thanks to its lagging crypto regulations, and it needs to step up to the plate if it’s going to cement itself as an official crypto hub in the future.
Right now, many federal officials are working to regulate cryptocurrencies by themselves. This is the wrong route to take. These organizations need to come together and agree on a national plan for the country that all individuals and businesses follow depending on their sizes and the money in question while leaving the door open to change current regulation patterns should this be required to benefit the space and its respective users.
It’s time for the federal government to create clear guidelines as to how cryptocurrencies and digital asset markets will be treated and regulated.
He says that if elected president, he will work with Wyoming legislators and the Token Taxonomy Act and model his cryptocurrency regulations after what they’ve done.
Not All Plans Are Good Ones
Yang’s campaign has been accepting bitcoin, Ethereum and other cryptocurrency-based donations. He also admitted he’s an avid fan of blockchain technology in a Reddit Ask-Me-Anything (AMA) session.
Where Yang falters again is in his plans to give everyone a $1,000 each month through a “Universal Basic Income” plan. Like all Democratic candidates, he has plans to give money or benefits out to American citizens – much like Bernie Sanders’ idea for Medicare for All – but is ignoring the hefty tax bill that will likely arrive after the plan takes effect.