The USA is completely changing its mind about cryptocurrencies

Democratic presidential candidate Andrew Young reaffirmed the need for clear rules for

cryptocurrencies in the United States to remove the ability to destroy decentralized technologies.

Yang calls for clear American rules.

Speaking on Bloomberg Wednesday (January 29, 2020), Yang said the country

needs to develop a well-defined regulatory framework for cryptocurrencies in the

US, the Democratic nominee said: “We must have a single set of rules and

regulations regarding the use of cryptocurrencies throughout the country.

Because now we are stuck in this mishmash of state-to-state amendments, and it's

bad for everyone. This is bad for innovators who want to invest in this space. "

For Young, the challenges of the digital economy are part of his policies as part of

efforts to keep the United States at the forefront of the global financial market.

With virtual currencies becoming more popular, clear rules for cryptocurrencies

will improve the digital investment climate in the country, Young said.

Some US stakeholders have begun to create policies out of state and federal

regulations for cryptocurrencies and their negative impact on the financial market.

Some exchange platforms have been forced to either abandon American traders

or create a separate trading service for their US clients with significantly fewer

coins than their foreign counterparts.

Answering questions regarding virtual currencies and monetary independence, Yang noted:

“Right now, people investing in cryptocurrencies are finding a way to do it and

using their investments. I don’t think you could get in the way with your rules if

you tried.

       The 2020 elections and the future of cryptocurrencies in the US

  Aside from calling for clear rules for cryptocurrencies, Yang is also a proponent

of decentralized technology. Back in August 2018, Yang announced that his campaign would accept donations in Bitcoin and other cryptocurrencies. In May 2019, the

bitcoin supporter reiterated his plans to incorporate blockchain and crypto into

the country's future at the New York Consensus Conference. Yang told the crypto

community to expect interesting changes if elected.

Young's endorsement of crypto runs counter to the established rhetoric of the

current White House administration. In July 2019, US President Donald Trump

criticized Bitcoin, claiming that it was based on "air." Treasury Secretary Steve

Mnuchin also noted that Bitcoin, unlike the US dollar, was primarily used for

money laundering. However, several research reports claim that cryptocurrencies

account for only a small fraction of financial crime, with the world's major banks

being forced to pay billions of dollars in fines for money laundering.