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In September, Yang unveiled plans to found his own political name under the name “the Forward Party”, a phrase found in the last chapter of his new book. Before forming this party, Yang was a democrat candidate. He later stated that the two-party system was “stuck”, hence his initiative to launch the new Forward Party.
It seems that Yang’s political agenda will mostly be marked with sentiments of support towards Bitcoin and cryptocurrencies in general. With the US being a major crypto hub, it makes sense that Yang will make cryptocurrencies part of his campaign.
In a recent podcast, Yang stated that the Forward Party would be a crypto party. He stated that through this party, he would make legislative arguments that the crypto community was progressive, innovative, and was a major job creator.
Yang has criticized the fiat financial system in the past, stating that the inflation model was less efficient compared to cryptocurrencies. In the podcast, he further pointed out the weaknesses of the US financial system, stating that the banking system was ‘broken’ and that cryptocurrencies could solve this problem.
However, Yang does not believe that cryptocurrencies should be allowed to roam freely and noted that, similar to all other financial services, digital assets needed to be regulated, but these laws needed to be transparent and clear.
he stated.
Andrew Yang contested during the 2021 New York Democratic mayoral primary. New York is among the states that have harsh regulations regarding cryptocurrencies.
New York is home to the Bitlicense requirement, making it very costly and almost impossible for crypto firms to get the go-ahead to operate in the city. During his campaign trail, Yang had promised that if elected to the New York mayor position, he would abolish this requirement and make it easy for crypto firms to establish a base in New York.
The New York Attorney General recently issued a cease and desist order against two firms offering crypto lending services in New York. The Office of the Attorney general further stated that three more firms would be required to provide more information regarding their clients and the services they offer. The Attorney General further noted that crypto firms needed to follow the law.
This harsh regulatory climate is the exact opposite of what is happening to other states that are also major financial hubs. For instance, Miami has taken bold moves that will facilitate crypto adoption. The city launched the MiamiCoin that is creating immense profits for the city.
Moreover, the city is also planning to launch a platform that allows tax payments to be paid in crypto and pay city workers using crypto. Other states such as Texas and Georgia have also become major mining hubs.