Andrew Young, the US Democratic presidential candidate in the 2020 election, is set to win the votes of all crypto enthusiasts in the country. It is already known that he announced his plans to introduce clear rules for digital assets that are currently lacking. The key moments of his campaign are published on his website.
Who is Andrew Young?
Young is known to be an entrepreneur who has invested $ 120,000 in the creation of Venture For America (VFA), which is an accelerator aimed at creating new startups in developing cities. Its platform within the Democratic Party actively supports various social and financial initiatives, such as Universal Basic Income (UBI) and Medicare for all. Moreover, his team is working on accelerated implementation of bitcoins.
Now, running for elections in the USA in 2020, Jan stands for the introduction of digital assets regulation in the country. The release on his campaign website read:
“Investing in cryptocurrencies and digital assets is far ahead of our regulatory framework in the United States. We must inform investors, companies and individuals about how the landscape and approach to supporting innovation and development will develop. The blockchain has tremendous potential. ”
His position on cryptographic protection is based on the fact that today this class of assets represents the main element of a large number of economic activities in the United States. The cryptoindustry is capitalized by hundreds of billions, which is one of the arguments in favor of the need not to ignore it at the government level.
Clear rules are a must.
Yang admits that many federal agencies, such as the Securities Commission (SEC) and Commodity Futures Trading Commission (CFTC), tried to introduce rules for the cryptosphere, but their rules are often unclear and even contradictory.
Young calls for a “clear national structure” that will be effective and useful for the entire crypto industry:
“The time has come for the federal government to develop clear guidelines on how cryptocurrency / digital asset markets will be processed and managed so that investments can flow with all the relevant information.”
The candidate stresses that the markets for cryptocurrency and digital assets are developing much faster than normative acts, which leads to rather contradictory situations when it comes to regulating one or another aspect in the industry. Young deeply believes that clear guidelines in the digital asset world will encourage individuals as well as businesses to invest in the industry without fear of any regulatory issues that will encourage innovation.
He also stresses the need for tax clarity for the field and for working with sponsors of the Token Taxonomy Act and the legislators of the State of Wyoming in order to introduce a clearer basis for taxing cryptocurrency.
Moreover, Young wants to introduce legal definitions of terms such as “token” and “security”, and to clearly define the federal authorities that will have the authority to regulate cryptocurrency.