Andrew Yang: “We Need Regulations Around Crypto Nationwide”

Bitcoin and cryptocurrency are some of the most unique assets in the financial market. Most people have one of two opinions on the flagship currency. Either you love it or you hate it. However, for a cryptocurrency such as bitcoin to unlock its full potential, there needs to be more of a friendly approach to regulation. At least that’s according to the United States presidential candidate, Andrew Yang. He has presented yet another bullish argument in favour of the ever so important digital asset.

Well speaking in an interview with Bloomberg, the US presidential hopeful made the comment that cryptocurrencies do have a high potential for success in the United States. However, for this potential to be fulfilled, the country needs to spend more time investing in them. His optimism is honourable however Yang cites that the current “hodgepodge” of regulation in cryptocurrency is impeding adoption, investment and innovation. He goes on to add that consolidated regulation is vital for mainstream adoption:

“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.

For Yang, the lack of allied ordinance stands as the most significant obstruction for cryptocurrencies and excludes America as a competitor in this emergent market.”

The candidate further went on to advocate regulatory approaches which transcend jurisdictional restrictions on the matter. Not only would a cohesive strategy streamline the work of agencies in the regulatory space, however, it would also legitimise the industry much further in making crypto laws a lot more standard as well as furthering the investment adoption side of such a nascent industry. 

It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!