Presidential candidate Andrew Yang has detailed his plans to regulate the digital economy if he were to become the President of the United States. Yang’s recent blog post called “Regulating technology firms in the 21st century,” explains how the candidate believes current American legislators are out of touch with innovative technologies.
Currently, there is no national framework for regulating cryptocurrencies, said Yang, adding that different departments of the federal government consider digital assets as property, commodities, or securities. Yang called New York’s BitLicense, for instance, as “onerous” regulation and that navigating different regulations has had a “chilling” effect on the U.S. digital asset market.
Mark Zuckerberg in the Spotlight of things
Yang highlighted that during the congressional hearings with Facebook CEO Mark Zuckerberg, the meetings “exposed the lack of basic understanding of technology by members of our Congress.”
In the latter half of Yang’s post, the presidential candidate discussed cryptocurrencies and video game loot boxes. Yang believes the U.S. government needs to be “forward-thinking and informed” about digital assets so they don’t “stifle innovation.”
Yang’s Promise of Promise
Yang says as President he will promote legislation that provides clarity on cryptocurrency-digital asset market space, have the government define what a token is and when it is a security and also clarify the tax implications of owning, selling, and trading digital assets.
Despite Yang being open to forward-thinking concepts like legalizing marijuana on the federal level, lots of digital currency influencers and libertarians believe his leftist views are concerning.
Yang also plans to regulate the use of data and privacy by establishing data as a property right. “The associated rights will enable individuals to retain ownership and share in the economic value generated by their data,” he said.
Yang’s post emphasizes that digital currencies now represent an enormous amount of value and economic activity “outstripping government’s response.” The candidate thinks a national standard has yet to emerge and there are several conflicting jurisdictions when it comes to cryptocurrencies.