It’s no secret that over the past several decades politics in the United States have become increasingly about appealing to voter blocks, and regardless of whether or not this is good or bad, this trend may ultimately prove to be beneficial for the crypto industry.
Because the number of cryptocurrency investors in the United States is actually quite large on a percentage basis and will likely continue growing along with the markets, it is highly likely that more and more candidates for influential public offices will begin placing cryptocurrencies on their list of priorities to address.
Crypto Advocates May Ultimately Represent a Large Voter Block
According to a study published in March of last year, 8% of Americans are currently invested in cryptocurrencies. Although it is highly likely that this number has changed in the year since the report was first published, the lack of any significant changes in the overall markets has probably led this number to remain relatively stable.
Some candidates for elected offices are already taking note of the portion of citizens who are invested in the nascent technology, and although 8% seems like a small number, gaining a voter block of that magnitude for a national election could sway the results.
Moreover, as this number grows – which it undoubtedly will, assuming that the crypto markets continue to expand – it will be critical for candidates to acknowledge these investors by presenting solutions to the regulatory problems the industry currently faces.
Presidential Candidate Andrew Yang Advocates for “Do No Harm” Crypto Regulations
Recently, Andrew Yang – a candidate running for the presidential office in the 2020 race as a Democrat – laid out his thoughts on cryptocurrencies, lambasting New York state’s BitLicense while advocating for a “do no harm” approach that allows the United States to remain on the forefront of innovation in the rapidly evolving industry.
In the post, Yang explains that the crypto market’s growth over the past several years has outpaced the government’s response, making now a critical time to begin implementing regulatory frameworks.
“Cryptocurrencies and digital assets have quickly grown to represent a large amount of value and economic activity. This quick growth, however, has outstripped the government’s response… It’s time for the federal government to create clear guidelines as to how cryptocurrencies/digital asset markets will be treated and regulated so that investment can proceed with all relevant information,” Yang explained.
Although the term “regulation” may scare some ardent cryptocurrency advocates, Yang further explained his position by describing the controversial BitLicense in New York as “onerous.”
“Some states have onerous regulations in the space, such as NY’s BitLicense. Navigating this has had a chilling effect on the US digital asset market,” he wrote.
As to how he plans to go about implementing the proposed regulatory framework, Yang explains that if he were to be elected, he would offer better definitions for what a token is and when it is a security, and would clarify the tax implications of buying, selling, and trading crypto, among other things.
All this would be done with the goal of creating “clear guidelines in the digital asset world so that businesses and individuals can invest and innovate in the area without fear of a regulatory shift.”
Although Yang may currently be somewhat of a dark horse in the presidential elections, his friendliness towards cryptocurrency has already garnered him publicity and support amongst crypto investors and may spark a larger trend of other mainstream presidential candidates laying out similar frameworks to incubate growth within the crypto markets.