A few days ago we reported in Crypto Trend that the crypto candidate, Andrew Yang, resigned from the race for the Democratic nomination in the United States. Leaving out of competition what represented the most progressive program in technology and cryptocurrency. However, Yang’s ideas will not remain in the air. Well, now the pre-candidate Michael Bloomberg rescues elements of his program in this new stretch of the race.
The Democratic race
US policy has been marked in recent months by two major events. The first was the impeachment against President Trump. Which resulted in a victory of his administration, thanks to a hard-fought party vote in the United States Senate. Where the Republicans decided to protect their President above all.
The second of these events is the Democratic race for the nomination. In which dozens of candidates from across the country face, with completely disparate ideological thoughts. Seeking to be anointed to represent the Democratic Party in the November elections. Where they will have an opportunity to avoid the re-election of Donald Trump.
And in this race, which has started with two candidates, Senator Bernie Sanders and Mayor Pete Buttigieg, taking the lead, and several figures have stayed on the road. Including the candidate in which the crypto world had its hopes, Andrew Yang.
Well, the Democratic candidate had the most advanced proposals in the entire presidential campaign on technological issues. Proposing the creation of clear and solid legislation for cryptocurrencies and Blockchain companies. Something that would be rescued now by candidate Bloomberg.
Bloomberg bets on technology
After having had a rather slow start, having entered the race late, it is normal for Michael Bloomberg to find some means to renew his campaign. Betting on this occasion for technology and financial regulation, to show how it differs from the other Democratic candidates.
Therefore, Bloomberg has proposed clarification of the regulatory framework within which cryptocurrencies move in the United States. Making it clear which regulatory agency will have jurisdiction over these assets, the tax regime. As well as the requirements for financial institutions that deal with these assets.
«Cryptocurrencies have become an asset class worth hundreds of billions of dollars, but regulatory oversight remains fragmentary and underdeveloped. Despite the promise of the blockchain, Bitcoin and initial coin deals, there is also a lot of hype, fraud and criminal activity«, Says the proposal to Bloomberg to justify his plan.
In this way, Bloomberg raises the flags of Andrew Yang, and takes a step towards financial regulation of the sector. Something that will probably be copied by more and more candidates. Until finally it is possible to clarify the legal situation of the sector in the United States.
International Studies student, interested in economics and international politics. Passionate about the progress of the Fourth Industrial Revolution in general and cryptocurrencies in particular.