US presidential candidate from the Democratic Party, Andrew Young, presented his position on the issue of regulating the cryptocurrency industry. So, in his opinion, the United States needs clear guidelines in the field of digital assets that will allow businesses and individual entrepreneurs to invest without looking at the regulator. He became the first participant in the 2020 race, who proposed a specific cryptocurrency policy.

New Policy # 22 – Digital Asset / Cryptocurrency Regulation. The investment framework has far outpaced our regulatory frameworks. Investors need to know how to properly innovate in the US https: //t.PyzRfy1t9a

– Andrew Yang (@AndrewYang) April 18, 2019

Young stressed that the industry is developing faster than regulatory policies, and several states have passed conflicting laws. This could threaten the United States with a lag in the investment field, the candidate is convinced.

As President, Young will contribute to the following steps: determining the status of a token [recognizing the existence of utility-tokens], defining the powers of federal departments, ensuring consumer protection in the field of cryptocurrency, developing a clear tax policy and creating a unified regulatory framework.

The organization Coin Center, which lobbies for the interests of the industry in Washington, highly appreciated Young’s intentions and stressed that he had come to the right conclusions.

Recall, the US Securities and Exchange Commission (SEC) has published a new guide for issuers of cryptocurrency tokens, which can be considered unofficial instructions for determining whether the issued assets fall into the category of securities.

In particular, the document notes that when assessing the legal status of their financial instrument, tokens issuers are recommended to pay attention to such factors as income expectations, the presence of centralized structures responsible for performing certain tasks in the network, as well as the ability to create and maintain digital asset markets.

It is worth adding that recently the bill Token Taxonomy Act on excluding digital tokens from the definition of securities has been re-submitted to the US Congress.

Last summer, the famous crypto-community activist John McAfee also announced his intention to run for the presidency of the United States. However, he was soon forced to leave the country due to allegations of using cryptocurrency for criminal purposes.

Subscribe to BlockchainJournal on YouTube !