Cryptocurrencies and blockchain technology have lost an advocate and ally in the American political landscape.
Andrew Yang, an entrepreneur and a democratic candidate in the US presidential election, has suspended his presidency campaign. NPR reports on February 11 that Yang told supporters:
“Although there is still a lot of work to be done, you know, I am the mathematician, and it is clear from the figures tonight that we are not going to win this race […] I am not someone who wants to accept donations and support in a race that we will not win. And so tonight I announce that I am suspending my presidency campaign. “
Presidential election season in the US is well underway, with the caucuses in Iowa just two weeks ago. Yang received barely 1% of the votes in Iowa and then dropped out after an equally disappointing show in the New Hampshire caucuses.
On his official Twitter profile, he promised his supporters: “We’ll be back.”
Yang is known among his fellow candidates in the American primaries as a strong proponent of entrepreneurship, as well as support for a basic universal income (UBI) and a progressive approach to blockchain technology and cryptocurrencies.
Last summer, Yang said he would implement blockchain-based mobile voting if he won the 2020 presidential election in the United States. In November 2019, he outlined how he intended to regulate the cryptocurrency industry, and emphasized the need for clear rules in space after he had already requested such measures in April.
In November 2019, Yang hit the headlines at the cryptocurrency community after announcing his UBI project that “literally everyone is trying to give money.” As the US and global debt approached record highs, the idea of expanding access to fiat currency as a benefit was received with more anger than with approval from Bitcoiners.
A political action committee in support of presidential candidate Andrew Yang had previously allowed donations in Bitcoin via Lightning Network.
The United States has so far seen the development of a large number of cryptocurrency and blockchain related patents and companies.
Earlier this month, blockchain software startup Simba Chain said the Naval Air Warfare Center, a California-based research group from the US Navy, has paid nearly $ 10 million to create a blockchain-based secure messaging platform.
As the digital currency of China’s central bank is approaching completion, the US Federal Reserve’s board of directors recently indicated that the institution is more open to the idea of a government digital currency than before.