Presidential candidate Andrew Yang has advised an overhaul in crypto regulation. Speaking to Bloomberg yesterday, the democratic candidate lauded the "high potential" of cryptocurrencies, adding that regulation couldn't "impede" Bitcoin.
Yang—more than most politicians—hasn't been one to shy away from crypto talk. So with the US elections looming, and other candidates polishing up their own policies, here are seven times Yang has spoken about Bitcoin.
1. Bitcoin can't be impeded
In a recent Bloomberg interview, Yang was asked how he would handle crypto regulation. In response, the democratic candidate highlighted the current state of affairs, suggesting that the "hodgepodge" of regulation from a jumbled set of agencies is producing a cacophony of mixed signals. Instead, Yang argued that a cohesive and clarified framework for regulation was paramount in fulfilling crypto's "high potential."
Andrew Yang has been a fan of Bitcoin since 2013. Image: Shutterstock.
"Right now, we're stuck with this hodgepodge of state-by-state treatments, and it's bad for everybody. It's bad for innovators who want to invest in this space," he said.
Moreover, while promoting the need to reform the prevailing policy, Yang caveated that Bitcoin couldn't be impeded by regulation.
2. A method to reform crypto regulation
Yang has long-held ideas around the reformation of existing crypto regulations. Within a policy proposal regarding digital asset administration, Yang recommended renovating regulation into "one national framework," to increase innovation and add clarity.
"Investment in cryptocurrencies and digital assets has far outpaced our regulatory frameworks in the US We should let investors, companies, and individuals know what the landscape and treatment will be moving forward to support innovation and development. The blockchain has vast potential," reads the proposal.
3. Accepting Bitcoin in his electoral campaign
Less about what he said this time, and more about what he did. Back in July 2018, Yang started accepting Bitcoin, Ethereum, and a range of other cryptocurrencies to fund his campaign.
While he wasn't the first to accept digital currencies, the democratic hopeful cemented his position as the crypto community's commander-in-chief for doing so.
4. Universal Bitcoin income
Yang is perhaps best known for his pledge to give all Americans aged 18-64 $1,000 per month. The idea is that everyone receives the same amount, regardless of their income or other factors.
Speaking on an episode of the "Off The Pill" podcast, Yang toyed with the notion of settling his Universal Basic Income (UBI) in Bitcoin.
When the interviewer floated the idea, Yang replied, “I love where you’re headed.”
He added, "just about everyone in the cryptocurrency community loves the idea of the Universal Basic Income."
Although with Bitcoin’s wild fluctuations, everyone might end up with different amounts.
5. Yang is "incredibly aligned" with the crypto community
Speaking of the crypto community, in a since-removed episode of "The Coin Chat" with Crypto Joe, Yang affirmed that he felt an affinity with the space, remarking that his ideals of how the economy should be run lined up with many within the crypto industry.
"My vision of the economy is very consistent with the people who are in the cryptocurrency community," Yang stated while arguing for further decentralization in politics.
"Sometimes people call me a 'futurist,' but I believe I'm a 'presentist.' It's just that most politicians are stuck in the past. I've worked in technology for twenty years and know what's possible," he added.
6. Bitcoin’s underlying technology could be useful
While not mentioning Bitcoin directly, back in 2018, Yang cited blockchain's potential in response to a Twitter user questioning his stance on Bitcoin. Striving to stay neutral on the matter, the Democrat gave a somewhat veiled answer:
"The blockchain has a wealth of potential. Could make many things more secure transparent and efficient."
He later specified that one use case would be to replace the current voting set-up.
"It is 100% technically possible to have fraud-proof voting on our mobile phones today using the blockchain. This would revolutionize true democracy and increase participation to include all Americans—those without smartphones could use the legacy system and lines would be very short," he said.
7. When Bitcoin crashed to $576
Yang is a Bitcoin OG. While many in the crypto community entered in late 2017, Yang was actually watching the technology back in 2013. When the price of Bitcoin crashed to $573—after a previous bubble hitting $1,000—and everyone was proclaiming the death of Bitcoin, he stayed calm.
“I sense the bitcoin price correction will make some Fellows nervous,” he tweeted. Not Yang, apparently.