Cryptocurrency Proponent Andrew Yang Ends Presidential Bid

Yang entered the race in November 2017, centering his campaign around his signature “universal basic income” proposal, which would provide a $1,000 per month income to every American adult. However, as a candidate, he also created policy positions around the crypto and broader technology spaces.

Democratic presidential candidate Andrew Yang has withdrawn from the election following a dismal showing in the New Hampshire primary Tuesday.

In particular, he advocated for a comprehensive national approach to blockchain and crypto, rather than a “hodgepodge” of state and uncertain federal regulations.

“I think it’s unfair to folks and I think it’s a clear emblem of the U.S.’s approach, and customers ask ‘what the heck,'” he said at CoinDesk’s Consensus 2019. “It’s one thing that they regulators come down when there’s clear guidelines but there aren’t in crypto. So the regulators owe us some degree, owe the community some degree of clarity.”

His campaign drew a large amount of support on social media, with many crypto proponents joining his #YangGang over the past two years.

This showing did not translate into support at the Iowa Caucus, where he received zero state delegates and only 1 percent of the vote, or in New Hampshire, where he received 2.9 percent of the vote as of press time, according to The New York Times.

“It is clear tonight from the numbers that we are not going to win this race,” he said in remarks during the evening.

Cryptocurrency News From Japan May 2 Review

Crypto exchange, Rakuten Wallet, now holds status as a Kanto Finance Bureau-registered operation, “as a first-class financial instruments business operator based on the Financial Instruments and Exchange Act,” the company announced on May 1.

This week’s headlines from Japan included Rakuten Wallet, GMO Coin and DMM crypto exchanges achieving regulatory registration, SBI Holdings’ VC Trade exchange announcing a 1,700% increase in fiscal year pre-tax profit, and SBI Holdings’ CEO calling out the supply chain amid the coronavirus pandemic.

Japanese exchange gains financial instruments license

At the start of May, regulatory specifications, known as the revised Financial Instruments and Exchange Act, came into play. The regulations require exchanges to gain approval for the offering of leveraged and derivative crypto trading.

GMO Coin also secures regulatory approval

Japanese crypto exchange, GMO Coin, also achieved the same registration in light of the recently enforced regulatory measures.

GMO Coin now holds approval as a “first-class financial instrument trader,” the company said in a May 1 announcement.

Additionally, DMM Bitcoin exchange received the same registration.

SBI Holdings announces key numbers

SBI Holdings, with a number of endeavors under its wing, recently announced fiscal year-end totals as its business year concluded on March 31.

SBI VC Trade, a crypto exchange under the group, unveiled approximately $57,710,648 in USD-valued profit before taxes, totalling a 1,700% spike from the previous year.

SBI’s Morning also revealed results of its XRP shareholder benefit payout, announced last fall. The company gave XRP to 19% of shareholders.

GMO Coin’s parent group, GMO Financial Holdings, also unveiled growth numbers, touting a 136% increase in revenue during Q1 2020, compared to Q1 2019.

SBI Holdings CEO looks toward blockchain to fix supply chain

During SBI Holdings’ fiscal year roundup briefing, CEO Yoshitaka Kitao called out current supply problematic chain practices amid the coronavius pandemic.”This time the supply chain is going to break,” he said.

“The future supply chain must be in a form that allows multiple, yet flexible operations,” Kitao added. The CEO is reportedly looking toward blockchain technology as a solution.

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