Presidential Candidate Andrew Yang Calls for ‘Clear Guidelines’ on Crypto

Andrew Yang, one of a number of candidates looking to take on U.S. president Donald Trump in the 2020 presidential election, has released a new policy statement for crypto-assets.

In the statement, Yang — who is currently vying for the Democratic Party nomination among a crowded field of candidates — indicated his goal to “create clear guidelines in the digital asset world so that businesses and individuals can invest and innovate in the area without fear of a regulatory shift.”

“It’s time for the federal government to create clear guidelines as to how cryptocurrencies/digital asset markets will be treated and regulated so that investment can proceed with all relevant information,” the statement reads.

The policy statement additionally cited additional following pledges should Yang be elected president, writing:

“As president, I will…promote legislation that provides clarity in the cryptocurrency/digital asset market space by: defining what a token is, and when it is a security (e.g., recognizing “utility tokens”)….Define which federal agencies have regulatory power over the crypto/digital assets space….Provide for consumer protections in the space….Clarify the tax implications of owning, selling, and trading digital assets….Promote the nationwide adoption of recognition of protections afforded by a series LLC….[and] Preempt state regulations when possible to create one national framework.”

The statement specifically cites the Token Taxonomy Act — which was recently re-introduced to Congress(/lawmakers-reintroduce-bill-to-exempt-tokens-from-us-securities-laws) in a bid to cryptocurrencies a clearer regulatory footing in the US — as well as the expansive work done to date by legislators in the state of Wyoming.

CoinDesk contacted the Yang campaign earlier this week for comment regarding its position on cryptocurrencies as well as data on its crypto-related fundraising to date, but has not heard back as of press time.

Andrew Yang photo via lev radin / Shutterstock

You may also like