So much for having a crypto-loving president. Andrew Yang, who over the last year has garnered a reputation as being the “crypto presidential candidate,” has dropped out of the 2020 race.
Andrew Yang Ends His Bid for President
Andrew Yang has long pushed himself as the man who would potentially revamp all crypto regulations when he got into the White House. One of his big claims to fame was that he was going to make all present laws and rules regarding cryptocurrency readable and understandable.
This has been a major problem thus far in that none of the applicable laws, while written in English, are fully comprehensible. People are still unclear when taxation comes into play, nor are they sure what constitutes a full sale or trade.
But the fact that Yang never got that far is alleged proof that everyday Americans still aren’t quite ready for crypto to become mainstream. Yang, to be fair, did not cover much ground when it came to adding jobs, building up the economy or protecting the environment from pollution. Much of his policies came from an entrepreneurial frame of mind, which will good for business, doesn’t do much for the country in general.
This is where he and Trump differ greatly. While both boast backgrounds as prominent businessmen, Trump’s policies involved building the country up and revamping its infrastructure. It involved job creation and national border security.
Yang, on the other hand, decided to spend much of his time focusing on aspects like the crypto sector, which is no doubt important, but still only satisfies a small group of people by comparison and doesn’t have the same appeal as rebuilding roads or bringing back once crippled American factories.
It’s a shame, really, considering how much crypto can really do in the world and how necessary it’s becoming. With the gap between rich and poor growing larger every day, it’s likely that in the next few years some people are going to not only desire cryptocurrency but need it. In addition, blockchain – the technology that supports crypto – is being integrated into everyday operations and businesses, thereby proving that its capabilities lie beyond the financial spectrum.
Yang’s plans for crypto could have been good, but it just doesn’t look like crypto is legitimate or mainstream enough for people to really care.
The Campaign Is Over
Announcing the suspension of his campaign to CNN, Yang explained:
While there is great work left to be done, you know I am the math guy, and it is clear tonight from the numbers that we are not going to win this race. I am not someone who wants to accept donations and support in a race that we will not win, and so, tonight I am announcing that I am suspending my campaign for president.