Cryptocurrency Proponent Andrew Yang Ends Presidential Bid

Presidential contender Andrew Yang dropped out of the race Tuesday. He advocated for clear crypto guidelines in the U.S. during his run.

AccessTimeIconFeb 12, 2020 at 2:31 a.m. UTC
Updated Sep 13, 2021 at 12:17 p.m. UTC
Drive the Crypto Policy Conversation Forward
October 24, 2023 • Convene • Washington D.C.Where the industry establishes the digital economy’s legal, regulatory and compliance best practices for the future.Register Now

Democratic presidential candidate Andrew Yang has withdrawn from the 2020 election race following a dismal showing in the New Hampshire primary Tuesday.

Yang entered in November 2017, centering his campaign around his signature "universal basic income" proposal, which would provide a $1,000 per month income to every American adult. However, as a candidate, he also created policy positions around the crypto and broader technology spaces.

In particular, he advocated for a comprehensive national approach to blockchain and crypto, rather than a "hodgepodge" of state and uncertain federal regulations.

“I think it’s unfair to folks and I think it’s a clear emblem of the U.S.’s approach, and [customers] ask ‘what the heck,'" he said at CoinDesk's Consensus 2019. "It’s one thing that they [regulators] come down when there’s clear guidelines [but there aren’t in crypto]. So the regulators owe us some degree, owe the community some degree of clarity.”

His campaign drew a large amount of support on social media, with many crypto proponents joining his #YangGang over the past two years.

This showing did not translate into support at the Iowa Caucus, where he received zero state delegates and only 1 percent of the vote, or in New Hampshire, where he received 2.9 percent of the vote as of press time, according to The New York Times.

Yang began laying off campaign staff following last week's Iowa Caucus, before formally shuttering his bid Tuesday night.

"It is clear tonight from the numbers that we are not going to win this race," he said in remarks during the evening.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.