New York has long had heightened regulations in place that have kept some firms from operating within its borders. This includes the New York State Department of Financial Service's BitLicense framework.
Yang previously ran for president before dropping out of the Democratic primary in February of 2020. Yang has long been a supporter of crypto, and owns bitcoin himself. His presidential platform included a plan to regulate digital assets at the national level during his presidential campaign. He also advocated for blockchain voting. Yang was the only candidate to put forward a crypto-specific policy during his campaign.
Yang is currently leading the polls for the Democratic primary of the Mayoral race.