New York could become a ‘hub for Bitcoin and other cryptocurrencies’ if Andrew Yang is elected as the city’s mayor. New York Mayoral Candidate – Andrew Yang tweeted in support of cryptocurrencies earlier today, stating his intent to make the world’s financial capital more crypto centric. Yang is currently leading the polls for the Democratic Party in the Mayoral Race. He is an attorney, entrepreneur, and the founder of Venture for America.
As mayor of NYC – the world’s financial capital – I would invest in making the city a hub for BTC and other cryptocurrencies.
— Andrew Yang🧢🗽🇺🇸 (@AndrewYang) February 11, 2021
Andrew Yang has previously called for better crypto regulations.
Andrew Yang was the second Democrat to announce his candidacy for the U.S. presidency before suspending his campaign in March 2020 and endorsing now president Joe Biden. While his campaign was still ongoing, Yang had stated his intention to create a national framework for the better regulation of cryptocurrencies in the country. During his presidential campaign, Yang noted in a blog post that “Cryptocurrencies and digital assets have quickly grown to represent a large amount of value and economic activity. This quick growth, however, has outstripped the government’s response.”
Andrew Yang thinks New York’s current crypto regulations ‘onerous’ in nature.
Andrew Yang also commented on New York’s current crypto regulations, calling them ‘onerous’ in nature. According to him, navigating through these regulations has had a chilling effect on the U.S. digital asset market. Andrew Yang seems to have gained the support of the crypto community as most were optimistic that a pro-crypto New York Mayor would lead to some reforms in crypto laws at the state government level. Yang also is a strong proponent of universal basic income and ran his campaign on this agenda. It is speculated that the Biden administration would be supportive of cryptocurrencies, and new regulations would favor the growing crypto industry.