Pro-Bitcoin Presidential Candidate Andrew Yang is calling for more clarity in regulating cryptocurrencies slamming BitLicence as “onerous”.
BitLicence, the business license of virtual currency activities issued by the New York State Department of Financial Services, has again come under fire in the 2020 Democratic presidential candidate’s latest comments.
Yang is an American entrepreneur, philanthropist and the founder of Venture for America. He worked in startups and early-stage growth companies as a founder or executive from 2000 to 2009. He is one of the few presidential candidates in history to accept crypto donations.
One of the concerning factors of BitLicence that many exchanges cite is its dictatorial approach to regulating the market, even to the extent of instructing exchanges exactly which cryptocurrencies they are permitted to trade. When the BitLicense was first enacted at least ten major cryptocurrency companies shuttered their doors to New York customers, and some people have called this the Great Bitcoin Exodus. Ripple gained their license in 2016 and Coinbase in 2017.
Yang is pushing for much clearer regulation, a well-trodden path by many industry players, arguing that has the US will fall behind due to conflicting regulation measures and such introductions as the Token Taxonomy Act, pointing to Wyoming as a beacon of sensible legislation regarding cryptocurrency. He said:
“It’s time for the federal government to create clear guidelines as to how cryptocurrencies/digital asset markets will be treated and regulated so that investment can proceed with all relevant information.”
Wyoming continues to build legislative bridges between the cryptocurrency system, its underlying blockchain technology, and legacy financial laws of the state. Efforts so far have been channeled towards innovation and improved economic activities of digital assets. Its most recent bill aims to identify and classify digital assets into three categories: digital consumer assets, digital securities, and virtual currency.
The bill mentioned that virtual currency is “intangible personal property and shall be considered money”.
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