Advocates for a serious, measured approach to cryptocurrency regulation lost a champion on Tuesday night. Andrew Yang has declared he will suspend his campaign for the Democratic Presidential nomination, raising legitimate questions about what comes next for the crypto space, politically speaking.
Yang declared his campaign was coming to an end as the final votes were being counted in the New Hampshire primary, where he received 2.8% of the vote, good for eight place. Bernie Sanders won the primary with 25.7% of the vote, trailed closely by Pete Buttigieg.
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
This followed his poor performance last week in the Iowa Caucuses, where he received only 1% of the State Delegate Equivalents. After that result, his campaign staff suffered layoffs, and he told supporters he would need to finish at least in fourth place in New Hampshire to get the funding required to continue on any longer.
This removes the candidate with the most vocal views on cryptocurrencies from the race. Shortly before the Iowa Caucuses, Yang gave an interview emphasizing the need for consistent regulation of the industry. He also dismissed fears that over regulation could squash innovation.
He’s also the only candidate that seriously approached cryptocurrency in his campaign platform.