Andrew Yang, who is currently running for the 2020 US Presidency, sat for an interview with Bloomberg, and he shared his stance on the matter of cryptocurrency regulations. According to him, the country needs to provide more clarity. However, he ultimately thinks that legislation can’t stop people to buy Bitcoin.
Andrew Yang On Bitcoin Regulations
The US Democratic presidential candidate Andrew Yang spoke to Bloomberg about cryptocurrency regulations in the country.
According to him, the US needs to come up with a uniform set of rules that would govern the industry.
“We need to have a uniform set of rules and regulations around cryptocurrency use nationwide. Because right now we are stuck with this hodge-podge of state-by-state treatments and it’s bad for everybody. It’s bad for innovators who want to invest in this space.” – He said.
He said that this would be his priority – to come up with clear and transparent rules so that everyone knows where they head in the future. This could help them maintain competitiveness.
Yang also mentioned that he believes the underlying technology of cryptocurrencies, the blockchain, has a “very very high potential” and that they should be investing in it.
Legislators Can’t Stop People To Buy Bitcoin
Another exciting thing that Yang mentioned was that regulators wouldn’t be able to stop people from buying Bitcoin or other cryptocurrencies.
“Right now, people investing in these currencies are finding a way to do so and make use of their investments. I don’t think that you could impede it with regulations if you tried.”
Indeed, one of the distinctive qualities of Bitcoin is that it’s censorship-resistant and entirely peer-to-peer. In other words, no central authority such as a government or a bank is necessary to carry out the transaction and, hence, they can’t stop or block it.
While Yang seems to be positively oriented towards the notion of cryptocurrencies and will supposedly work to provide further regulatory clarity on the matter, current US President Donald Trump doesn’t seem to share his views. Back in 2019, he said that he’s not a fan of Bitcoin and other cryptocurrencies, outlining that they are “not money,” among other things.
Featured image courtesy of The Verge