It looks like bitcoin and crypto are gearing up to be regular, hot debate topics during this year’s U.S. presidential election.
Bitcoin Is Gearing Itself Up
As we all know, Andrew Yang was originally serving as the “crypto candidate” for Democrats throughout the country. Among Yang’s plans were to alleviate some of the tension in the regulatory space by making the rules surrounding crypto activity and trades less complicated and easier to understand for normal, everyday traders.
Yang, however, did not attain the votes or attention he needed to withstand the political momentum of this year’s election, and last week, he announced that he was suspending his campaign and ending his bid for the White House.
However, it looks like crypto hopefuls may have another candidate who’s willing to spend more time on their digital concerns. Michael Bloomberg is a late addition to this year’s long list of democratic presidential wannabes, but he’s now commenting that bitcoin and cryptocurrency will be two major focal points of his administration should he garner the title of “commander-in-chief” in nine months.
The former mayor of New York and CEO of Bloomberg L.P. has announced that one of his first orders of business will be to create a series of crypto regulations that are clear and concise. His newly drafted plan explains:
Cryptocurrencies have become an asset class worth hundreds of billions of dollars, yet regulatory oversight remains fragmented and undeveloped. For all the promise of the blockchain, bitcoin and initial coin offerings [ICOs], there’s also plenty of hype, fraud and criminal activity.
Bloomberg L.P. has been very prominent when it comes to crypto coverage in the past, going so far as to even obtain the @crypto Twitter handle. Bloomberg and Yang, as it appears, are among the only candidates to focus on crypto and attempt to bring regulation to light. Other White House runners, which include Bernie Sanders, Elizabeth Warren and former vice-president Joe Biden, have all failed to even bring it up in the democratic debates.
One of the big problems regarding crypto regulation in the United States is that it has fallen behind. When compared to regions of Asia and Europe, the U.S. has not done enough to keep itself up to date in terms of cryptocurrency and blockchain legislation.
Is The U.S. Lagging?
As a result, the country has lost out on potential crypto-related businesses, such as Yeoman Capital. The venture announced last week that it was in the process of relocating to Switzerland, a nation known for its crypto-friendly rules and atmosphere. Managing director of the company David Johnston said in an interview:
Everyone in the know is already aware of Europe’s clear guidance on crypto custody, exchange licensing, rules for issuance of payment, utility and security tokens. European rules are very clear at this point.