RFK Jr. Vows to End US Crypto 'Hostility'

Robert F. Kennedy Jr., a contender in the upcoming US presidential race, pledges to alleviate regulatory antagonism towards cryptocurrency if elected. He identifies safeguarding "transactional freedom" as a crucial issue for Americans leading up to November’s election.

Kennedy emphasizes the necessity for individuals to have control over their wallets and financial transactions. He advocates for a decentralized currency as a defense against authoritarianism, referencing Canada's freezing of fiat and crypto assets during the "Freedom Convoy" protests in 2022.

Kennedy (left) speaking to reporters at Consensus Source: Turner Wright/Cointelegraph

Kennedy accuses the Biden administration of fueling the exodus of blockchain companies from the US to countries like Switzerland and Singapore due to its antagonistic stance towards Bitcoin.

If elected, Kennedy pledges to address regulatory hostility towards cryptocurrencies from entities like the Federal Reserve, the Securities and Exchange Commission (SEC), and the Federal Deposit Insurance Corporation (FDIC). He aims to regulate cryptocurrencies to safeguard consumers from fraudulent schemes while promoting truly decentralized currencies.

Donald Trump, another presidential candidate, also promises to prioritize the interests of the US in shaping the future of crypto.

Kennedy, running as an independent candidate, faces slim odds in securing the presidency. Polls indicate his popularity lags behind Trump and incumbent President Joe Biden.

National polling averages per candidate. Source: FiveThirtyEight

Many within the US crypto sector argue that the SEC lacks jurisdiction over digital assets without specific congressional mandates. Despite this, the SEC has initiated numerous lawsuits against crypto firms for alleged securities violations.

Both the FDIC and the Federal Reserve are perceived as unwelcoming towards crypto. The FDIC's risk review in 2023 highlighted digital asset risks as "novel and complex," while the Federal Reserve increased scrutiny over banks' relationships with crypto entities in August.

The US presidential election is scheduled for November 5.

Kennedy's proposals to ease regulatory constraints on cryptocurrencies could appeal to segments of the electorate concerned about financial freedom. However, his chances of victory remain slim, and overcoming regulatory hurdles may prove challenging even if elected.