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.
In recent times, the Senate has voted to overturn the SEC’s Staff Accounting Bulletin No. 121—also known as SAB121. Following this, the Biden administration has vowed that he would veto this bill if it were passed. So what is all this fight about, and what is the big hoo-ha behind this bill?
XingChiU.S. President Biden said he vetoed the resolution because "he will not support measures that endanger the well-being of consumers and investors."
JinseFinanceBipartisan lawmakers urge Biden to reconsider veto on SAB 121 repeal, citing concerns over crypto regulation and market stability.
EdmundThe U.S. Senate joined the House of Representatives in voting to repeal a controversial Securities and Exchange Commission (SEC) accounting rule that imposed onerous capital requirements on crypto custodians.
JinseFinanceSenate's bipartisan approval of H.J.Res. 109 challenges SEC's SAB 121, pushing President Biden to decide amidst political and industry pressures.
WeiliangHouse passes bipartisan bill to challenge SEC's crypto guidance, faces potential veto from President Biden.
Xu LinU.S. presidential hopefuls Robert F. Kennedy Jr. and Donald Trump firmly oppose Central Bank Digital Currencies (CBDCs). Kennedy Jr. focuses on financial autonomy and privacy, while Trump pledges to protect Americans from government control through CBDCs.
Xu LinRobert F. Kennedy Jr.'s bold vision advocates cryptocurrency as a symbol of financial freedom, challenging government control and envisioning a future where digital assets empower individuals and reshape America's financial landscape.
BernicePresidential hopeful Robert F. Kennedy Jr. told conference goers he wasn’t invested in bitcoin in May, but June documents shows he is invested in the cryptocurrency.
TheBlockWhile a classic technical indicator could be hinting at BTC price falling below $13,000 as well.
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