- Andrew Yang has become one of the participants in the 2021 New York City Mayoral election.
- Yang, who made a failed bid to become the 2020 Democratic Presidential candidate, is known for his pro-Bitcoin stance.
- NYC is one of the most important jurisdictions for the whole crypto industry.
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Former US Presidential candidate Andrew Yang, a well-known proponent of and cryptocurrencies in general, has been officially registered as a participant in the upcoming New York City mayoral election, according to the New York City Campaign Finance Board.
The list, last updated yesterday, comprises a total of 379 participants. The 2021 New York City mayoral election will start with a primary on June 22, 2021. A general election is slated for November 2, 2021.
Yang ended his bid for the Democratic Presidential nomination in February 2020, following a campaign that catapulted him from relative obscurity to a serious contender backed by supporters known as the "Yang Gang".
Back in March, when Yang reportedly first considered running for NYC Mayor after withdrawing from the Presidential race, Decrypt pondered whether he was the man to bring Bitcoin to the big stage in the role.
“Conceivably, he might actually be able to do more good for the blockchain industry as Mayor of New York than as President,” Mati Greenspan, crypto analyst and founder of Quantum Economics, told Decrypt at the time. “Many of the key cases that are playing out right now are based in New York, so the adoption of local crypto-friendly regulations there could go a long way towards setting a positive precedent.”
New York's importance to crypto
As Decrypt reported, New York City is a fundamental jurisdiction for many crypto-related activities and companies, so Yang would be able to make a notable impact on the industry as Mayor.
Additionally, the State of New York is the architect of the controversial “BitLicense,” which has arguably been muzzling the local cryptosphere ever since it was first introduced in 2015. Citing draconian filing regulations and expenses, several crypto exchanges, including Kraken, have left the state as a result.
While New York City and New York State are different legal bodies, it certainly could be a positive to have an NYC mayor who is an articulate advocate of cryptocurrencies and financial innovation.
In the past, Yang has repeatedly praised the "high potential" of digital assets and asserted that regulation couldn't "impede" Bitcoin. He also accepted donations in Bitcoin and other cryptocurrencies for his Presidential campaign.
During his Presidential campaign, Yang also stated that as the US President, he would “promote legislation that provides clarity on cryptocurrency/digital asset market space by defining what a token is” and “which federal agencies have regulatory power over crypto/digital assets space.”
“Cryptocurrencies and digital assets have quickly grown to represent a large amount of value and economic activity—outstripping government’s response,” he said at the time.
While a Yang Presidency is off the table, for now, he could still have a significant role in influencing the future of Bitcoin and cryptocurrency in the US, as Mayor of one of the most important jurisdictions for the crypto industry.