Crypto’s Favorite Presidential Candidate Andrew Yang Ends White House Bid

While Bitcoin, crypto, and blockchain are all about decentralizing power, many … making a reference to blockchain and distributed ledger technology.

While Bitcoin, crypto, and blockchain are all about decentralizing power, many in this budding industry have over the past few months found themselves uncharacteristically excited about a certain presidential candidate: Andrew Yang, a businessman and job creator who has worked with individuals in Silicon Valley before.

Although few knew of Yang before he announced his bid for the White House, he quickly grew a large following online, especially in the crypto community, due to his stances on how technology will change the world’s economies and how governments could mitigate the risk that comes with these changes.

Unfortunately, after an unfortunate showing in the New Hampshire Democratic Primary, Yang revealed that he would be ending his presidential bid.

In his last rally (for the time being), Yang said that per the numbers his campaign was receiving from the ballots, it was clear that he would not win the presidency, no matter what he did:

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.

As Yang polled as high as being the fourth most favored candidate just weeks ago, this move to drop out of the race shocked many, though the businessman asserted that he does not want to continue to take donations and support when he knows he is unlikely to make it far.

Crypto Community Mourns Loss of Yang Candidacy

The crypto community was quick to mourn the loss of this candidate, who was the only one in the race who was talking about Bitcoin, crypto assets, and the blockchain revolution, especially in regards to how these technologies could positively affect America moving forward.

Prominent industry marketer and commentator Nathaniel Whittemore thanked Yang for his run, specifically citing the candidate’s propensity to talk about automation, Yang’s understanding of the internet, his being genuine, and Yang’s decision to engage “seriously with new economic paradigms like Bitcoin.”

Others in this community echoed Whittemore’s disappointment that the crypto-friendly candidate has ended his bid.

So @AndrewYang is ending his presidential run.

Let’s thank him for being the only candidate who:

+discussed automation

+engaged seriously with new economic paradigms like #Bitcoin

+understood the internet

+seemed like an actual person most of the time. #YangGang for life. pic.twitter.com/tdRIptLgko

— Nathaniel Whittemore (@nlw) February 12, 2020

This is for good reasons: as aforementioned, Yang is a fan of Bitcoin. He, in a Bloomberg interview last month, said that innovators in this space are being hampered due to poor regulation:

“It’s bad for innovators who want to invest in this space. So that would be my priority: clear and transparent rules so everyone knows where they can head in the future and so we can maintain competitiveness [in crypto].”

That’s wasn’t all he had to say on cryptocurrency. In the same Bloomberg interview, Yang said that the aforementioned uniform regulation is needed due to the “high potential” of cryptocurrency and the “technology underlying this,” evidently making a reference to blockchain and distributed ledger technology.

He went as far as to say that regulation will not “impede” cryptocurrency, effectively stating that Bitcoin is impossible to stop.

Photo by René DeAnda on Unsplash

Related Posts:

  • No Related Posts

Cryptocurrency Fraud Cases: TN Police Issues Warning To Investors

EOW has taken this decision in the backdrop of cryptocurrency fraudulent cases. In 2018, RBI had put a complete ban on cryptocurrency transactions …
Cryptocurrency Frauds In Tamil Nadu: Police Issues Warning To InvestorsCryptocurrency Frauds In Tamil Nadu: Police Issues Warning To Investors

In a bid to curtail cryptocurrency-based transactions in Tamil Nadu, the state’s Economic Offences Wing (EOW) has now issued a warning to individuals dealing with cryptocurrencies.

According to a report in The Hindu, the department has taken this decision in the backdrop of cryptocurrency fraudulent cases reported in Tamil Nadu. A few cryptocurrency investors were cheated in these cases, however, accused are now arrested, it added.

“The public is hereby advised not to deal with cryptocurrencies including Bitcoins, Ethereum, Ripple and more. Those trading in virtual currencies were doing so at their own risk, given that the Reserve Bank of India (RBI) has not given a licence or authorisation to any company to deal in such cryptocurrencies,” the Economic Offences Wing said.

Notably, RBI, on April 6, 2018, had told banks to withdraw all support services that were being extended to crypto entities, thereby announcing a virtual ban on cryptocurrencies. The deputy governor of RBI, BP Kanungo, had then suspected that the rise of cryptocurrencies beyond a critical limit might bring financial instability in the country.

The EOW further highlighted that cryptocurrencies are not a currency as per the definition of currency in India. It is not a derivative as well, it added. Explaining further, the department said that it is only a virtual currency that is similar to gold or precious metals which behaves more like assets rather than currency. “Most cryptocurrencies including Bitcoin, Ripple, Litecoin and Ethereum are not backed by a sovereign guarantee, and therefore are not considered as legal tender,” the notice added.

Unlike other investment options such as stocks, mutual funds, among others, there are no government organisations which regulate cryptocurrencies around the world. Once duped, investors are left with no option to redress their grievances. Moreover, the Indian government has not yet given the status of legal tender to any cryptocurrency.

RBI has warned investors about these risks many times in the past. Moreover, it has also highlighted that cryptocurrency can be used for unethical practices such as money laundering. To address these issues, EOW said that a draft bill has also been proposed to ban cryptocurrencies in the country and provide for official digital currency.

On the other hand, there are many startups that are urging the RBI to allow the flow of cryptocurrencies in the country. In an open letter written to finance minister Nirmala Sitharaman last month, cofounder and CEO of cryptocurrency trading platform, CoinDCX Sumit Gupta cited benefits of cryptocurrencies. Moreover, the Internet and Mobile Association of India (IAMAI) has also filed a petition in the Supreme Court in favour of open crypto regulation in the country.

Get Weekly Briefing On The Indian Startup Ecosystem!

Related Posts:

  • No Related Posts

UK cryptocurrency regulations may soon extend to monitor user wallets

UK cryptocurrency regulations have been the Financial Action Task Force (FATF) compliant, but it appears that the government may opt to monitor …

UK cryptocurrency regulations have been the Financial Action Task Force (FATF) compliant, but it appears that the government may opt to monitor user wallets.

To ensure money laundering is curbed, the Financial Conduct Authority (FCA) of the United Kingdom (UK) has proposed certain limitations for software programs that are built by crypto developers.

The Anti-Money Laundering and Counter-Terrorism Financing regulations are expected to be extended for entities or institutions that are concerned with digital transactions and cryptocurrencies. These requirements will be enforced in the upcoming year.

The regulations will also apply to companies that produce open-source software and those that produce light wallet software.

UK cryptocurrency regulations: Tracking transactions

The requirements were initially proposed as a decision of her Majesty’s Treasury. The decision aimed to widen the approach of Anti-Monday Laundering and Counter-Terrorism Financing regulations for companies that deal with cryptocurrencies.

This proposal is expected to be approved and enacted into United Kingdom’s Law by Q1 2020.

Coin Center; a research institute for cryptocurrency that is based in the United States, has spoken against the extension of these regulations, exclaiming that such proposals violate the rights of freedom of speech and privacy.

Conclusively, the authorities are striving to have control over cryptocurrency and crypto technology. The newly proposed regulations aim to track user transactions, especially those that are unlawfully performed.

Imposing Restrictions

The proposed extension of UK cryptocurrency regulations aim to impose more control over the crypto space. Previously, the FCA also imposed restrictions on cryptocurrency investors. The authority implied that conventional buyers of cryptocurrencies have inadequate knowledge of the crypto space, which makes them unable to make informed decisions.

Since late June 2019, the cryptocurrency industry is now required to share user data with the Financial Action Task Force (FATF).

UK’s Financial Conduct Authority has not yet provided any explicit information regarding the subject; thus, it is not certain if open-source software code will be exempt from the extended regulations.

Advertisements

Related Posts:

  • No Related Posts

Avestar Capital LLC Makes New Investment in Uber Technologies Inc (NYSE:UBER)

Foundation Capital LLC bought a new position in shares of Uber Technologies during the second quarter valued at approximately $34,801,000.

Uber Technologies logoAvestar Capital LLC acquired a new stake in Uber Technologies Inc (NYSE:UBER) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 629 shares of the ride-sharing company’s stock, valued at approximately $27,000.

A number of other hedge funds have also modified their holdings of the business. Enlightenment Research LLC purchased a new stake in Uber Technologies during the second quarter valued at about $543,000. Burleson & Company LLC bought a new position in Uber Technologies in the second quarter worth about $289,000. National Asset Management Inc. bought a new position in shares of Uber Technologies during the second quarter valued at approximately $642,000. Foundation Capital LLC bought a new position in shares of Uber Technologies during the second quarter valued at approximately $34,801,000. Finally, State Board of Administration of Florida Retirement System bought a new position in shares of Uber Technologies during the second quarter valued at approximately $864,000. 45.32% of the stock is currently owned by institutional investors and hedge funds.

Uber Technologies stock traded down $0.82 during midday trading on Friday, hitting $33.25. 9,206,427 shares of the stock were exchanged, compared to its average volume of 8,745,539. The stock’s 50-day moving average price is $36.41. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.36. Uber Technologies Inc has a fifty-two week low of $30.67 and a fifty-two week high of $47.08.

Uber Technologies (NYSE:UBER) last issued its quarterly earnings results on Thursday, August 8th. The ride-sharing company reported ($4.72) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($3.33) by ($1.39). The company had revenue of $3.17 billion for the quarter, compared to the consensus estimate of $3.39 billion. During the same period in the prior year, the company earned ($2.01) EPS. The firm’s revenue was up 14.4% compared to the same quarter last year. As a group, analysts forecast that Uber Technologies Inc will post -7.2 EPS for the current year.

Several equities research analysts recently weighed in on UBER shares. Mizuho initiated coverage on shares of Uber Technologies in a research report on Tuesday, June 4th. They set a “buy” rating and a $50.00 price target for the company. Stifel Nicolaus began coverage on shares of Uber Technologies in a report on Tuesday, July 2nd. They issued a “hold” rating and a $50.00 target price on the stock. Needham & Company LLC set a $52.00 price target on shares of Uber Technologies and gave the stock a “buy” rating in a research note on Thursday, July 11th. Morgan Stanley decreased their price objective on shares of Uber Technologies from $57.00 to $53.00 and set an “overweight” rating on the stock in a research report on Thursday. They noted that the move was a valuation call. Finally, Canaccord Genuity started coverage on shares of Uber Technologies in a report on Tuesday, June 4th. They issued a “buy” rating and a $55.00 target price on the stock. Ten research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $53.50.

Uber Technologies Profile

Uber Technologies, Inc develops and supports proprietary technology applications that enable independent providers of ridesharing, and meal preparation and delivery services to transact with end-users worldwide. The company operates in two segments, Core Platform and Other Bets. Its driver partners provide ridesharing services through a range of vehicles, such as cars, auto rickshaws, motorbikes, minibuses, or taxis, as well as based on the number of riders under the UberBLACK, UberX, UberPOOL, Express POOL, and Uber Bus names; and restaurant and delivery partners provide meal preparation and delivery services under the Uber Eats name.

Recommended Story: What are trading strategies for the 52-week high/low?

Institutional Ownership by Quarter for Uber Technologies (NYSE:UBER)

Receive News & Ratings for Uber Technologies Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Uber Technologies and related companies with MarketBeat.com’s FREE daily email newsletter.

Related Posts:

  • No Related Posts

The assault on ‘contract employees’ isn’t about helping workers at all

California’s new law aims to force the likes of Uber, Lyft and Postmates to classify workers as employees, not independent contractors. But the main …

Gov. Andrew Cuomo is talking about “protecting” New Yorkers from employment as independent contractors. He’d be wise to see how it works out in California, first.

“More people should be considered employees because what has been happening is companies have been going out of their way to hire independent contractors to get out” of offering them benefits, the gov said recently. Really?

California’s new law aims to force the likes of Uber, Lyft and Postmates to classify workers as employees, not independent contractors. But the main force pushing for the law is organized labor, because these arrangements make unionizing difficult.

Sure, advocates claim the idea is to make companies to offer benefits like health insurance and end exemptions from minimum-wage and overtime laws. Yet everyone working as an independent contractor knows the deal before they sign up. They take it because they see other benefits, from the ability to work for many different “bosses” to the power to control their own work schedules.

And the California law already has lots of happy workers worried: Travel agents, for example, see their livelihood threatened. Freelance journalists would also be panicking if the law hadn’t specifically exempted them, along with other professions that mobilized in time, such as doctors, securities dealers, insurers and real estate agents.

Uber and Lyft, meanwhile, will fight the law in court — so it may only hit much smaller businesses, with far tighter profit margins.

If Cuomo really means to stand up for workers, rather than do another favor for unions, he’ll at least put this idea on hold until a lot more evidence rolls in.

Related Posts:

  • No Related Posts