A presidential candidate with an intention to bring life to the struggling crypto market isn’t something new. John McAfee already made it known that he was interested. However, there is a new kid on the block for the coming US 2020 elections. Andrew Yang released a statement saying that if he gets to win the 2020 US elections, he will make sure to push towards innovation and economic growth of cryptocurrencies. He will do this by having clear guidelines regarding the digital asset.
According to Yang, he believes that people, as well as institutions, should be able to invest without any fear. He believes that there is still confusion in the industry today especially in the US.
Efforts Towards Regulatory Clarity
He pointed out that there are efforts that different US federal agencies are making in order to define what the crypto industry really is. However, he believes that these “patchwork of varying regulations”. He believes that the US needs to stay on top of its regulations in order to be able to compete against China and Europe.
There is the Token Taxonomy Act which Yang is going to work with the Wyoming legislators. He plans to model the regulations after the bill that they just submitted. He mentioned that “It’s time for the federal government to create clear guidelines as to how cryptocurrencies/digital asset markets will be treated and regulated”.
Acceptance from the Crypto Market
Yang was able to get an approval from the crypto industry when he started his campaign last July. He started accepting cryptocurrencies for his campaigns ranging from Bitcoin to Ethereum and other coins. He also mentioned that he is a fan of blockchain’s “underlying technology”. And because of this, he was able to have his own following that is called the “Yang Gang”.
Aside from his stance in crypto regulations, he is also popular because of his “Universal Basic Income” for all US citizens under age of 18. He believes that US citizens should get $1,000 per month.
Is It Going to be Bullish?
There are those who believe that Bitcoin is on the verge of another bull run. In fact, since Bitcoin was able to reach its all-time high of near $20K in 2017, the cryptocurrency dropped by more than 80%. Bitcoin’s relative strength index (RSI) is said to be nearing a level that could potentially indicate another bull run.
According to Cow Jones who is a prominent trader on Twitter, he discussed that “Personally don’t use RSI much. However, this is an interesting fork in the road. Past bull market began with RSI above the boxed range”.
Bitcoin is also staying above $5,000. Could it be that Bitcoin has already bottomed? Brian Kelly even believed that Bitcoin will surpass its all-time high.
Regulatory clarity hasn’t been quite fast for the crypto industry. In fact, it has been quite a struggle. The SEC has also failed to provide a clear guideline whether or not to consider cryptocurrencies a security or a commodity. Only Bitcoin and Ethereum were considered not as securities by the agency.
Regulatory clarity is needed in order to get Bitcoin back to its bullish ways. However, it isn’t exactly easy. There are a lot of hurdles when it comes to the crypto market considering the fact that there is no general consensus on crypto.