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Andrew Yang

After Andrew Yang, another NYC mayoral candidate embraces Bitcoin

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Move over Andrew Yang; Eric Adams is the latest mayoral candidate to express his interest in converting New York City into a Bitcoin hotspot.

While several in the crypto-verse consider the United States not very crypto-friendly, the mayors of several cities across the country have been taking a plunge into the industry. The financial regulators of the US have evidently been harsh on the crypto industry over the last couple of years. Despite this, authorities from different cities seemed to be keen on embracing Bitcoin and other crypto assets. Miami’s Mayor, Francis Suarez, is an example of the same.

Following the trail of Suarez, Eric Adams, a front runner in New York City’s 2021 mayoral election, revealed that he was all for crypto.

Andrew Yang’s vision of a crypto hub continues to persist

Andrew Yang, who was also a presidential candidate, cut short his campaign and withdrew from the imminent mayoral elections after acquiring poor results in the preliminary data. Several crypto lovers had their eyes on Andrew Yang as he promised to elevate the crypto scene in the city. Back in February 2021, Yang took to Twitter and stated,

With a similar vision, Eric Adams from the Democratic party suggested that citizens of NYC would witness a change regarding digitalization in the city. This list included bitcoin as well. In his election night party speech, Adams said,

“I promise you, in one year […] you’re going to see a different city. […] We’re going to become the center of life science, the center of cyber security, the center of self-driving cars, drones, the center of Bitcoin. We’re going to be the center of all the technology.”

Furthermore, with digitalization as his primary goal for NYC, Adams was seen leading the mayoral election. Therefore, Adams’ victory could be beneficial for the crypto-verse as well the NYC’s crypto lovers.

Andrew Yang Is The Latest Official To Step Up His Bitcoin Game

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Cryptocurrencies have turned into every investor’s favorite asset now. Presidential candidate, Andrew Yang has time and again exerted his interest in crypto, especially Bitcoin. Once again, as the value of the asset as well as the crypto industry is booming, Yang seemed to be getting back into the game.

Andrew Yang Wants Bring BTC Into NYC

After his bid to become the President of the United States failed, Yang has reportedly decided to run for the role of the New York City Mayor. However, now Yang wants to turn NYC into a crypto-friendly city. Yang tweeted about the same and said,

“As mayor of NYC—the world’s financial capital—I would invest in making the city a hub for BTC and other cryptocurrencies,” he wrote today.”

This tweet had unquestionably engrossed the crypto community. The world’s largest cryptocurrency exchange, Binance’s CEO CZ suggested that the exchange could help Yang achieving the same.

While Yang seemed to be securing good numbers in the poll, his sudden interest to transform NYC could take time. The regulatory climate in the US hasn’t always been favorable for the crypto-verse. Bitlicense has been a major roadblock for crypto platforms to function in the state of New York. Therefore, in the comment section of Andrew Yang’s latest tweet, people urged him to end Bitlicense. One such tweet read,

Andrew Yang

Just as the crypto industry hit $1.40 trillion, the market cap of Bitcoin took over prominent platforms like Tesla and Facebook. The price of the king coin did not shy away either as it is currently trading for a high of $47K. This seemed to have lured in a host of people. Earlier this month, the Mayor of Miami Francis Suarez expressed his interest in BTC and even hopes to pay the employees of the city in cryptocurrency.

Several from the community went on to laud Suarez for this move. But, Yang went on to face an array of questions, with regard to Bitlicense.

US Presidential Candidate Michael Bloomberg Seeks to Create Crypto Regulatory Framework

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Recently reported, a 2020 US Presidential candidate Michael Bloomberg sees cryptocurrency as an asset class. In addition, he also mentioned his proposal for crypto regulation.

In a financial reform plan, published on Tuesday, founder and CEO of Bloomberg LP, Michael Bloomberg proposed a ‘regulatory framework on cryptocurrencies”.

His promise sounds similar to crypto-friendly views shared by Andrew Yang who unfortunately drops out of the presidential list on Feb 11.

Compared to anti-bitcoin views shared by Donald Trump last year, Yang stood strong for the crypto community. He showed pro-bitcoin and blockchain views which certainly impressed the entire crypto ecosystem.

Besides Yang, the other pro-crypto candidate, Eric Swalwell failed to proceed further. However, now Bloomberg is likely to be an impressive community by promising a ‘ clear regulatory framework for crypto. ‘Yang despite the tech background and support of the crypto community couldn’t make it and Bloomberg despite having the charge of sexism and racism is making his best to gain traction from the crypto industry.

In a report, he emphasized that digital assets have yet to be backed up by sensible regulations and stated that it will work ‘ with regulators to prove clearer rules ‘ including rules to protect consumers from crypto-fraud, crypto-asset taxation, securities, and requirements for financial entities holding cryptocurrencies.

“Cryptocurrencies have become an asset class worth hundreds of billions of dollars, yet regulatory oversight remains fragmented and undeveloped. For all the promise of the blockchain, Bitcoin and initial coin offerings, there’s also plenty of hype, fraud and criminal activity.

More so, when Facebook announced its plan to launch Libra, Congress has had a strict eye on how a crypto asset will be the threat for sovereign currency, US Dollar. In fact, the social media giant is yet to launch its over-hyped stable coin as it is yet to clear the several criticizing factors shared by regulators across the world, majorly US regulators.

More so, Bloomberg’s proposal towards the crypto industry impressed crypto enthusiasts, namely Binance boss Changpeng Zhao (CZ) who then took to Twitter and write ‘Go, man’. CZ, the founder of Binance crypto exchange has worked at Bloomberg 15 years ago and henceforth, it comes as an exciting note for him. Nevertheless, CZ tweeted as follows;

Go, man! I remember BLOOMBERG as a leading Fintech company when I worked there 15 years ago. We had servers so big that they are called BIGs. I (my team) owned the FutBig (Futures BIG server). We proposed to call it the FuBig first but went with FutBig in the end.

Andrew Yang Believes That Cryptocurrencies Such As Bitcoin Are Useful And Need To Be Regulated

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The upcoming American elections are expected to bring in vast changes to the country’s ecosystem, be it social, economic or political. These directives have been driven by the people running for the highest office in the county, with Andrew Yang being one of the major contenders.

The Democratic Presidential candidate recently spoke about cryptocurrencies and regulations with Bloomberg, sparking an interest in the digital assets community.

A majority of the cryptocurrency community has spoken multiple times about how there are unreliable sources for regulations in the country. Andrew Yang’s comments came as a fresh take to those interested because politicians are not usually well versed in the subject.

Yang was asked if there was a way to make regulations better that would allow people to utilize cryptocurrencies properly. According to the Democratic runner, America needs to have a uniform set of rules and regulations nationwide. He added:

“We really need to have a solid system that addresses the positives as well as the negatives of the cryptocurrency industry. Right now all we have is a hotchpotch of state by state rules which are bad for innovators in the space.”

Andrew Yang’s supporters, the ‘Yang Gang‘ have been a voracious bunch, creating slogans and social media movements to support their man. Yang’s main USP has been his ability to grab nuances and understand upcoming technologies like blockchain technology. The candidate himself is from a technological background.

Yang claimed that there has to be a clear and transparent framework for cryptocurrency officials to function in the American mainland. He added that the underlying technology of cryptocurrencies [blockchain technology] held the massive potential to change the world.

During the interview, Yang was asked if he supported people’s shift from fiat to crypto. To this, he candidly replied that people will always find ways to carry out these transactions and that there was no way to impede them. The entrepreneur turned politician brought in a refreshing change to the American political system with his comment.

The usual rhetoric given by earlier politicians about cryptocurrency has always been negative and tasteless. Yang is one of the first major political figures to throw his support behind the virtual assets industry, provided they are under responsible watchdogs.

Yang is also a supporter of universal basic income, a step to make sure that citizens earn more money. One of his biggest campaign slogans has been to give $1000 to all American citizens, irrespective of any other factor.