One of the aspirants for the seat of New York’s mayor has revealed his plans for the city. Andrew Yang says he would make the state a crypto hub if elected.
New York Soon to Become a Crypto Hub?
Yang made this known in a tweet yesterday. He recognized New York’s role as the financial capital of the world and feels crypto is a worthy investment. The aspirant said it would be a hub ‘for BTC and other cryptocurrencies,’ which were not specified.
Well, with the current state of the polls, it looks like Yang’s promises might start off soon. He is currently leading the polls at his party, the Democratic party. He also wanted to run for the presidency in the just concluded US election but stepped down to endorse President Biden.
Andrew Yang has expressed his opinions about cryptocurrencies, believing that they carry a lot of value. However, they need to be better regulated, especially in NYC. On his presidential campaign blog, Yang 2020, the intending mayor feels that state governments just have ‘a patchwork of regulations.’ This stops the American crypto market from reaching its full potential.
New York Needs Better Crypto Regulation
Yang also promised to “promote legislation that provides clarity in the cryptocurrency/digital asset market space.” If he is able to achieve this when elected as mayor, it would significantly boost the American cryptocurrency market.
A change in the crypto regulation, especially in New York, could come as a breath of fresh air for the crypto community. Presently, the BitLicense issued by The New York Department of Financial Services (NYDFS), is very strict on crypto companies. It is known to be the most stringent regulation in America.
New York is home to over 62 blockchain and cryptocurrency companies, including some very popular ones like Paxful and Gemini. While Gemini is a crypto exchange and custodian, Paxful is a peer-to-peer crypto platform that connects buyers and sellers. Other crypto companies based in New York include Chainalysis, Paxos, and Tezos.