Andrew Yang, the leader of the Democratic Party vying for the next New York mayor, has said he will turn New York into a “center for Bitcoin and other cryptocurrencies” and call the city the “financial capital of the world.”
The former presidential candidate posted a tweet today that provoked mixed reactions. Some declared this as a campaign maneuver, others as synonymous with political suicide.
However, the most uniform response was to ask Yang to use his powers to terminate the BitLicense license issued by the New York Treasury. Meltem Demirors, CSO of digital asset management company CoinShares, suggested that Yang would have to face high government taxes and Bitlicense to make his plan a reality. Nobody wants to pay ridiculous NYC + NYDFS license fee taxes unless there’s a plan to drastically cut the city budget. I don’t see how a cryptocurrency company would want to operate in a high-income corporate and real estate environment with tax + sales tax at the top
In a recent interview with Forbes, Miami Mayor Francis Suarez raised the possibility of paying city workers’ salaries in bitcoin to encourage the adoption of cryptocurrencies in the region. In fact, Yang floated a similar idea in an interview in September 2019, describing the benefits of a government-issued digital ‘social currency’ that could trade in a 1: 1 ratio against the US dollar.
Yang is currently leading the way in terms of popularity and voter reputation, according to recent polls he was on the streets in front of Brooklyn President Eric Adams and city superintendent Scott Stringer.
Unlike most of his political counterparts, Yang has expressed support for Bitcoin on several occasions during the two years he has been on the radar of the major media. His outspoken beliefs have earned him the title of “Best Bitcoin President” from some members of the cryptocurrency community.
New York has a troubled relationship with Bitcoin. The launch of BitLicense in 2015 was initially seen as a disaster, which could stifle fintech innovation by imposing strict restrictions on the use of cryptocurrencies. However, by 2020, the rewards of regulation had clearly paid off regulation under Bitlicense, allowing giants like PayPal, Gemini and Coinbase to lure deep pockets on Wall Street.
In 2019, prior to his candidacy for the presidency, Yang argued that Congress lacked the basic knowledge to pass effective cryptocurrency laws and that countries that preceded the United States in regulation would eventually have to “dictate” that they would have to follow them as soon as they found out above. ”
Yang was reportedly on the list of possible candidates for the position of Commerce Secretary under the Biden administration. Yang received just 0.45% of the vote in the 2020 Democratic presidential primary and withdrew on February 11, 2020 in support of Biden the following month. In January, he announced that he would run for Mayor of New York.