Crypto-friendly U.S. presidential candidate Andrew Yang unveiled his campaign's technology plan focused on how to rebuild America’s relationship to its big tech behemoths, in addition to his calls for normalizing how crypto is treated at the regulatory level.
In a policy proposal posted to his website, Yang proposes stringent data protection laws, a “Department of Technology,” child-protection health guidelines and changes to section 230 of the Communications Decency Act, the central tenet of internet regulation that shields websites from their users’ actions.
Details of his crypto plan come near the end of the 3,500-word tech manifesto.
Yang pledged to “preempt state regulations” such as the “onerous” New York BitLicense, that he said “has had a chilling effect on the US digital asset market.” New York’s law is already leading to legislative arbitrage with far flung states, such as Wyoming, which is presenting a state-based solution to the national crypto banking registration question.
Much of Yang's crypto stance was taken from his previous campaign statements.
“Cryptocurrencies and digital assets have quickly grown to represent a large amount of value and economic activity, outstripping government’s response,” he said. “We shouldn’t stifle innovation, but we also shouldn’t let it outpace our ability to regulate it.”
Yang proposed defining tokens and clarifying crypto tax laws, protecting consumers and promoting competition between platforms. That means bringing legislative clarity to a technology notoriously ridden with fraud, he said.
His solution: demand that the disparate parts of the American government – from tax collectors, securities regulators, legislators and agencies at large – define their stances on crypto assets, removing uncertainty that could be preventing mass adoption.
Yang has even attended industry conferences. At Consensus 2019 he called himself a friend of the industry and pledged to support it if he were to win.
“If I’m in the White House oh boy are we going to have some fun,” he said at the time.
Voting for the Democratic primary begins in February 2020.