The United States needs to develop a unified approach to regulating the crypto market so as not to harm the development of the industry. This was said by the presidential candidate in the 2020 elections, Andrew Yang, in an interview with Bloomberg.
He stressed that without a single set of rules and requirements for the use of crypto, it is impossible to create a holistic view of the future.
Yang said that for now, they crumple on the spot because of the mess at the state level, where everyone interprets the rules in their own way. That approach hurts everyone.
According to him, the US authorities are not able to prohibit people from making financial transactions outside the traditional banking system: people are already investing in cryptocurrencies, and regulators cannot stop it.
In November 2019, Andrew Yang presented his vision for regulating the crypto industry in the United States. His campaign includes plans to create the Ministry of Technology, as well as legislative clarification of the nature of the token and the tax consequences of owning, selling and trading digital assets.