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Crypto Advocate Yang Withdraws From Presidential Election as Democratic Socialist Sanders Leads

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On Feb. 12. 2020. Democratic candidate Andrew Yang, who became popular for advocating for more transparent cryptocurrency regulations, has suspended his 2020 presidential bid. 

Yang was perhaps the first overtly pro-crypto candidate. While other presidential candidates have toyed with accepting BTC for donation purposes, Yang offered up the most comprehensive policy proposals on the subject. 

He was even caught on camera during an interview, nearly insisting cryptocurrencies could not be stopped by government regulation.

His campaign ending in defeat isn’t necessarily a worrisome sign for the crypto space. What normally happens when a candidate drops out is that campaign staff look for jobs among more viable teams. 

That could mean crypto-friendly Yang Gang advisers could eventually find their way possibly influencing a candidate such as Bernie Sanders, who is currently ahead with a real shot at finally competing for the White House in 2020.

Yang Had Crypto-Friendly Presidential Election Program

Yang’s presidential campaign touched upon crypto regulations a few times, as he reiterated several that the US needs to develop strong and transparent regulations for cryptocurrencies, and this would be his priority as president.

Andrew Young went as far as to indicate that regulators couldn’t stop people from buying crypto. He was quoted saying:

“Right now, people investing in these currencies are finding a way to do so and make use of their investments. I don’t think that you could impede it with regulations if you tried.”

He also advocated for blockchain tech as a way to modernize voting in the US, mentioning that the country should invest more in the underlying technology of cryptocurrencies due to its high potential. 

In fact, Yang had stated last year that he would implement blockchain-based mobile voting if he wins the 2020 US presidential election. 

The US Shows a Promising Future of Adopting the Blockchain

The United States has so far seen the development of a great number of cryptocurrency- and blockchain-related patents and firms.

Earlier last week, blockchain software firm Simba Chain revealed that the Naval Air Warfare Center, a California-based branch of the US Navy, paid-up approximately $10 million to create a blockchain-based messaging network.

Furthermore, as China’s central bank digital currency nears completion, the United Federal Reserve’s board of governors has recently signaled that the institution is more open to the idea of a digital government currency than previously.

Anna Larsen
Anna Larsen has been a Crypto enthusiast since 2016. Fascinated by the technology and its usecases she decided to pursue a career in content creation related to this space. The journey has been exciting ever since.

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