Greg Tanaka is a policy-oriented legislator who believes in the digital age. He may be the most pro-crypto candidate running this election cycle. He is now a Palo Alto City Council Member and has his sights set on the 16th United States House of Representatives California seat: the Silicon Valley District. Interview with Cointelegraph: The self-described geek exuded enthusiasm, and shared his thoughts on crypto and the financial sector with a unwavering smile.
Legal DAOs, crypto tax holidays
Tanaka stated that crypto is the first form truly better money. He said that crypto has more benefit than traditional finance because the value is created by people. He envisions a world where everyone could have their own token. He said that this would “create a lot of economic equity.”
Tanaka, in addition to his political career is also the Mozaic Finance Decentralized Finance (DeFi) protocol designer. After testing, it will be running on Avalanche. Mozaic Finance is a company that specializes in “automatic yield accumulation and fund management.” Tanaka is also founder and CEO Percolata (a machine-learning-based retail staffing optimization system) which has been funded by Google Ventures (a16z).
Tanaka described crypto as an “early technology that needs a chance” and said he was in favor of crypto becoming legal tender. He also suggested giving decentralized autonomous organisations (DAOs), “a better version to the corporation”, the same rights as LLCs or C Corps. Tanaka suggested a crypto tax vacation, citing a precedent for such an aid to new technology. “E-commerce had no sales tax for decades,” he observed. “E-commerce had no sales tax for decades, and that made it what it is today.” He also supports a moratorium of capital gains tax on cryptocurrency.
From municipal service to a Congress bid
Tanaka is a member of the Palo Alto City Council from 2017. According to his website, Tanaka has been a member of the Palo Alto City Council since 2017. Before being elected to the city council, he was president of a neighborhood association and chair of the transportation commission.
Tanaka stated that he was motivated to run for Congress because of the ridiculous crypto reporting requirements in the bipartisan Infrastructure bill’s original version. He said that many elected officials don’t understand or support technology. He added that “they throw rocks in front of it.” It is “a great moment to be in crypto,” noting:
“We were presented with a huge gift when China banned crypto trading and mining — it was a big mistake by them.”
Tanaka wasn’t impressed by President Joe Biden’s Executive Order on Ensuring Responsible Digital Asset Development. He said that while it was not necessarily negative, he did not think it was.
He said, “I believe regulation should be more centralized.” It’s scattered across agencies, and it’s confusing. A crypto czar is needed.
Tanaka stated that he supports “separation money and state”, pointing out the reference to the separation of church and government by the country’s founding fathers. The state was required to manage the money supply in order to prevent counterfeiting and create currency before crypto. All of this is automated in software with crypto.
Tanaka is far more than a candidate on one issue. He takes positions on many issues. Some of them, like improving the voting system, may be considered esoteric. Some, like foreign-derived intangible and research and development amortization, are more technical. He is against excessive regulation of tech and internet companies.
Tanaka is also passionate about education, as the country’s future depends on technology and nuclear energy. He sees it as a safe and carbon-free alternative to fossil fuels.
He said that crypto’s energy consumption must be compared to fiat currency in order to make a fair comparison. This includes energy used to print, mint, secure fiat currency supply, as well as energy used by fiat systems to create, mint, and secure it. He said that crypto software uses very little energy.
Landscape of the District
Tanaka, a democratic, is not the only candidate for the district to adopt a pro-crypto platform. However, he is clearly the most passionate. He was endorsed by Andrew Yang of Forward Party, Lobby3DAO founder, Charlie Lee, the creator of Bitcoin, and Bobby Lee, a member on the Bitcoin Foundation board.
Tanaka is among seven candidates who will be competing against Anna Eshoo, the incumbent Democrat in a nonpartisan primary. Eshoo, who has been in her seat since 1993, is a member the House Committee on Energy and Commerce and Congressional Artificial Intelligence Caucus.
Eshoo is well-funded. Open Secrets, a campaign contributions tracking website, reported that Eshoo’s campaign had raised $1303,776, 33.35% of which was political action committee contributions (PAC) contributions as of March 31. Ballotpedia lists Eshoo’s top industries as contributing to her campaign in 2018, including finance, insurance, real estate and health.
Open Secrets shows that Tanaka’s campaign raised $95,352 in March without any PAC money. This indicator placed him fourth among eight candidates. TanakaDAO was created to ensure transparency in contributions and increase participation via nonfungible tokens. He accepts contributions in seven cryptocurrency. He seemed to be able to handle the financing gap with ease. He said, “We have people.” “Our campaign is entirely volunteer. This is my opinion, a more authentic way of winning the race.
Cointelegraph’s query to Eshoo was not answered by her.