US presidential candidate reveals cryptocurrency regulation plans
|- Andrew Young urges the government to hurry up with cryptocurrency regulation.
- America risks losing its leading role in the industry.
Andrew Young, US Democratic presidential candidate for the 2020 election, outlined his plans to create a national cryptocurrency industry regulatory system.
He believes that a number of countries are ahead of the United States in developing rules for the industry. The US has to catch up with them. Otherwise, America will have to follow the rules created by someone else, he stressed.
Young noted that the government lagged behind cryptocurrency industry development. The absence of a federal regulatory framework led to a conflict of interest between several departments. They view cryptocurrencies as property, goods, or securities.
Young believes that some states adopted an excessively tough approach towards the digital industry. He believes that BitLicense in New York had a chilling effect on the US digital asset market.
Below are the proposals made by the candidate:
- to create the Ministry of Technology
- to provide legislative clarity for the cryptocurrency market and digital assets
- to determine the powers of federal agencies in terms of the market regulation
- to define the concept of a token
- to clarify when the token is a security
- to ensure customer protection
- to clarify the tax consequences of owning, selling and trading digital assets.
In his opinion, recent Congressional hearings on Libra showed that lawmakers lack basic knowledge about blockchain, cryptocurrencies and other technologies. To fill the knowledge gap, Young proposes to revive Congressional Technology Assessment Office, which was liquidated in 1995.
Notably, Andrew Young supporters realized the opportunity to collect donations for his presidential campaign in bitcoins using the Lightning Network.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.