Crypto proponent Andrew Yang has pulled out of the 2020 U.S. Presidential race admitting that his campaign does not have the numbers to win the polls in November.
Crypto-friendly Andrew Yang Calls Time on 2020 Election
According to CNN, Democratic Presidential aspirant Andrew Yang has ended his to win the party’s nomination for November 2020 election. Speaking to supporters in Manchester, New Hampshire on Tuesday (February 11, 2020), Yang remarked:
“While there is great work left to be done, you know I am the math guy, and it is clear tonight from the numbers that we are not going to win this race. I am not someone who wants to accept donations and support in a race that we will not win. And so, tonight I am announcing I am suspending my campaign for president.”
Crypto and blockchain technology formed a significant part of Yang’s policies. As recently as January 2020, Yang called for clearer crypto regulations in the U.S. to enable the country to keep up with the developments in the emerging digital economy.
Yang was a critic of the current patchwork of Federal and State crypto regulations in the U.S., calling the legal framework for digital assets a “hodgepodge.” His policy proposal also included the famous $1,000 per month universal basic income for every adult in the country.
During his campaign, Yang also provided proof of his favorable stance towards cryptos by accepting political donations in virtual currencies. This move came despite several states outlawing Bitcoin (BTC) and cryptocurrency donations.
2020 Outlook for U.S. Cryptocurrency Regulations
Meanwhile, 2020 could be a watershed year for crypto regulations in the U.S. with the government reportedly moving towards streamlining the crypto policing operations of Federal agencies.
As reported by BTCManager, President Trump’s 2021 budget proposal sees the U.S. Secret Service tasked with overseeing crypto money laundering investigations. The proposed budget also allocates $2.4 billion to the Secret Service for crypto oversight while moving the agency from the Department of Homeland Security to its original home in the Treasury Department.
Reports of concerted crypto regulation plans come as state actors in the U.S. say the government is beginning to view private crypto as a credible threat to the U.S. dollar. Appearing before Congress on Tuesday, chairman of the U.S. Federal Reserve Jerome Powell remarked that the emergence of projects like Facebook’s Libra is forcing the government to take cryptos seriously.