By
Mayowa Adebajo
May 7th, 2024
The United States Presidential hopeful Andrew Yang reinforces his position on cryptocurrencies and technology hinting at his intention to regulate them.
For the first time in the upcoming United States Presidential elections, a hopeful is paying attention to technology in general and cryptocurrencies in particular. Andrew Yang, who is planning to contest on the platform of the democratic party, has revealed plans to create a Federal Regulatory Agency for cryptocurrencies.
He made this disclosure in a blog post which was published last week. He indicated the propensity for fraud within the crypto space due to a dearth of regulatory cover within the United States and also said that the United States Government needs to catch up and overtake big tech companies and other countries as regards cryptocurrencies. He wrote:
“[They] have …amassed too much power, largely profiting from our personal data, and unaccountable responsibility – we have reached a point where the government needs to step in.”
He further indicated that because there is no national framework for cryptocurrencies, federal agencies are classifying crypto assets like commodities, properties or securities. In one example, he referred to the “Bitlicense” offered by the New York State Department of financial services as “Onerous Regulation” and that the usage of various kinds of regulation has had a “chilling” effect on the digital asset space in America.
He also indicated plans of setting up a Department of Technology and also resurrect the Office of Technology Assessment which the United States congress shutdown in 1995. He mentioned:
“This Department, based in Silicon Valley and initially focused on Artificial Intelligence, will be led by a Secretary of Technology who will spearhead public-private partnerships to tackle emerging threats and maximize the benefit of technological innovation to society.”
He went further to state that for the crypto space to be fully regulated in America, the definition of terms such as tokens and securities must be clear. He also added that the agencies must define their roles specifically in the crypto space as to who does what why and where within the crypto space.
He spoke further about the tax obligations for the ownership, sales, and trading of cryptocurrency tokens and further tried to define consumer protections against unscrupulous individuals as well.
Yang took a swipe at members of the United States Congress indicating their lack of knowledge in the field which was on open display at the recent hearings on the matter with Facebook’s CEO for instance.
“It’s embarrassing to see the ignorance some members of Congress display when talking about technology, and anyone who watched Congress question Mark Zuckerberg is well aware of this.”
He went further to state that he plans to use a “21st-century approach” which will enable regulations that enhance “the knowledge and capacity of government while using new metrics to determine competitiveness and quickly identifies emerging tech in need of regulation.”
He also revealed his intentions to regulate the deployment of data and to establish rights as regards privacy.
“The associated rights will enable individuals to retain ownership and share in the economic value generated by their data.”
Yang is not new to these kinds of assertions. In April, he indicated his position on cryptocurrencies. He has also advocated for voting using blockchain technology. His supporters have also indicated their stand by launching a political action committee (PAC) that accepts Bitcoin donations as a proof-of-concept as regards his position.