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The Us Presidential Candidate Andrew Yang Says He Will Be Regulating The Cryptocurrency Industry In 2020

The advancement of technology in America has driven the advancement of humanity nationally and globally. But technology has also outpaced our government’s understanding of it, and regulations are falling short of protecting us from Big Tech companies that are prioritizing profits over our well-being.
Today, we live in a hyper-connected environment, led by these tech companies, that has impacted our culture, lifestyles, families, and politics. The culture of innovation and the quality of human capital in America has fostered the growth of this industry over the past couple of decades to create trillion-dollar tech companies, in a framework of self-regulation.
But the benefits these services have given us have begun to clash with the well-being of society. 
Big Tech companies are the winners of the 21st century economy. They’ve amassed too much power, largely profiting from our personal data, and unaccountable responsibility—we have reached a point where the government needs to step in. And we’re starting to take notice, with about 50% of US adults favoring more regulation on tech firms. These companies themselves are asking for regulation (until you propose specifics).

Unfortunately, our government is unequipped to handle it. We dissolved the Office of Technology Assessment in 1995 and Recent hearings with tech CEO like Mark Zuckerberg exposed the lack of basic understanding of technology by members of our Congress. 
Digital giants such as Facebook, Amazon, Google, and Apple have scale and power that renders them more quasi-sovereign states than conventional companies. They’re making decisions on rights that government usually makes, like speech and safety. Their business models are predicated on keeping people engaged, driven by algorithms that are supercharged by technology to predict our behavior, such as artificial intelligence and machine learning, and that feed off of our data, creating an increasing asymmetry of power without any accountability. 

Government needs to be forward-thinking and informed on the latest technological developments, so that new regulations can keep up with innovation. We shouldn’t stifle innovation, but we also shouldn’t let it outpace our ability to regulate it.
recent examples that highlight the problems: cryptocurrencies, are areas that many legislators are blind to, or completely unprepared to understand the technical aspects of. This is creating an unregulated marketplace in both areas. The lack of regulation is having disparate impacts:
  • Cryptocurrencies are seeing levels of fraud because of the lack of regulation. Other countries, which are ahead of us on regulation, are leading in this new marketplace and dictating the rules that we’ll need to follow once we catch up.
  • Cryptocurrencies and digital assets have quickly grown to represent a large amount of value and economic activity, outstripping government’s response. A national framework for regulating these assets has failed to emerge, with several federal agencies claiming conflicting jurisdictions. 
Currently, different departments of the federal government consider digital assets as property, commodities, or securities. Some states have onerous regulations in the space, such as New York’s BitLicense. Navigating this has had a chilling effect on the US digital asset market.
In short, our government’s knowledge of technology and ability to regulate it and the market is being outpaced by innovation. We need a new generation of leadership that understands these new and emerging technologies so that proper frameworks can be developed to protect consumers and ensure innovation and competition.

  • Revive the Office of Technology Assessment and establish a Department of Technology.
  • Set new standards and metrics for antitrust, including size of data assets and lack of business formation.
  • Require platforms that are market players and market platforms to maintain an even playing field for competitor products or services on their platforms, or exit the market.
  • Promote legislation that provides clarity on cryptocurrency/digital asset market space by:
  • Defining what a token is, and when it is a security
  • Defining which federal agencies have regulatory power over crypto/digital assets space
  • Provide for consumer protections
  • Clarify the tax implications of owning, selling, and trading digital assets
  • Promote the nationwide adoption of recognition of protections afforded by a series LLC
  • Preempt state regulations, when possible, to create one national framework

It’s right to embrace technology and all the conveniences and advantages that come with its advancement, but we can’t do it at the cost of our humanity. At the core of our technology use, needs to be our well-being and that of future generations. We owe it to ourselves to pursue a new way forward in this technology-driven era, while we still can. 


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