Andrew Yang is rough – Crypto community loses supporter in US election campaign

Krypto and Blockchain have to do without one of their biggest advocates in the American presidential election campaign with immediate effect.

Entrepreneur Andrew Yang, who was a possible candidate for the Democratic Party in the election campaign, has now given up his efforts, as NPR reported on February 11. Yang addressed his supporters with the following words:

“There is still a lot of work to be done, but I am a mathematician through and through, so it is clear from today’s figures that we will not win this race […]. I am not one of those politicians who does not give up a lost battle to continue collecting donations. Therefore, I hereby announce that I am withdrawing from the presidential campaign.”

 

The American election campaign is currently in its preliminary phase, in which the Democratic Party will first select its candidate to run against the Republican and current President Donald Trump. In the internal elections in the state of Iowa, Yang won only 1% of the vote, in New Hampshire he had previously achieved a similarly weak result, which has now probably led him to his decision.

On his Twitter profile he nevertheless shows himself to be combative and promises his supporters that he will “come back”.

 

Crypto advocate Yang

Yang was known among the campaigners who took office for a mix of economic liberal and social policies. On the one hand, he showed himself to be a great advocate of technological developments such as block chaine and crypto-currencies, while on the other hand he also advocated strengthening the “little man”, which is why he had made the Unconditional Basic Income one of his main program points.

Last summer, for example, Yang had declared that he would introduce block-chain-based voting procedures if he became president. In November 2019, he again outlined how he would regulate the crypto industry, stressing that there must be clear rules. He had previously formulated this demand in April.

In November 2019, however, he also encountered headwinds in the crypto community, as his Unconditional Basic Income met with criticism from this corner. Thus, some voices at the time feared that his idea of “giving money to every American” would push the US debt further and cause an additional devaluation of the US dollar.

In addition, Yang had enabled his supporters to pay campaign contributions in the form of Bitcoin via the Lightning Network.

USA is already opening up for crypto and blockchain

Even without the future support of Yang, Krypto and Blockchain seem to be gaining ground in the USA. The country is registering more and more companies and patents in this sector.

The blockchain startup Simba Chain, for example, told Cointelegraph earlier this month that a US Navy research group had invested $10 million in the project to develop a secure blockchain-based messenger service.

In view of China’s upcoming central bank digital currency, the US Federal Reserve is now also opening up to the idea of its own digital currency. The Fed’s supervisory board recently signalled that it might want to investigate such a project.