Cryptocurrency supporter Andrew Yang suspended his political campaign in New Hampshire this Tuesday. Yang, who entered the campaign in November 2017 was the only candidate in full support of regulating cryptocurrency use. Besides his “universal basic income” proposal according to which he aimed to provide a $1,000 per month income to all American adults, the candidate also created policy positions for broader technology spaces and cryptocurrencies.
Rather than uncertain federal regulations and hodgepodge of state, Yang, in particular, defended for a national approach to crypto and blockchain.
The current regulatory situation of crypto is complicated, which is potentially harmful not only for businesses but individuals working in the industry, Yang said in a press release. He further added that everyone is stuck in this mess of state-by-state strategies which is terrible for everyone, including innovators investing in the space. According to Yang, cryptocurrencies have very high potential and is worth investing. But for that, the sector needs to be regulated on a nationwide basis.
“We Are Not Going To Win The Race”, Andrew Yang
Over the past two years, many crypto exponents joined the #YangGang with a large amount of support on social media. However, the support was not enough to make the candidate win the race. As per The New York Times reports Yang received 1 per cent of the vote and zero sate delegates in Iowa Caucus and 2.9 per cent of the vote in New Hampshire. Before completely shutting down the campaign, Yang laid off many campaign staff after the Iowa Caucus.
Andrew Yang speaks in NH: “While there is great work left to be done, you know, I am the math guy, and it is clear tonight from the numbers that we are not going to win this race. … Tonight, I am announcing that I am suspending my campaign for president” https://t.co/C8bXmJMzWI pic.twitter.com/bXUPgLzcJB
— CNN (@CNN) February 12, 2020
In his tweet, Yang mentioned that he is a math guy and from the numbers, he can tell that he’s not going to win and officially announced his suspension from the campaign. Yang further explained that he while knowing that there’s are no chances for him to win, he doesn’t want to accept donations and all the support and hence suspending from his presidential campaign.