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.
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