Robert F. Kennedy Jr. Pledges to Curtail Crypto Regulatory Hostility if Elected President
Summary:
Presidential candidate Robert F. Kennedy Jr. pledges to end perceived regulatory hostility towards cryptocurrency if he wins the upcoming election. He cites incidents like Canada's freezing of assets in 2022 as illustrating the need for financial sovereignty. Kennedy also criticizes the Biden administration, saying that restrictive laws have pressured crypto companies to relocate to nations like Switzerland and Singapore. He vows to regulate cryptocurrencies to protect consumers while nurturing truly decentralized currencies. Despite his plans, Kennedy polls significantly behind frontrunners Donald Trump and President Biden.
Presidential candidate Robert F. Kennedy Jr. vows to put an end to the apparent hostility towards cryptocurrency from various regulators, if he wins the election. Kennedy argues that financial independence and the ability to control personal transactions are significant factors for American voters. In a discussion at Consensus on May 30, he stressed the importance of a transparent, decentralized currency that safeguards against authoritative regimes.
Kennedy mentioned the 2022 incident in Canada where the government froze both fiat and digital assets belonging to "Freedom Convoy" protestors, who were protesting trucker vaccine mandates. According to him, this incident underscores the necessity of financial freedom. In January, Canada's Federal Court declared these actions unconstitutional and unreasonable.
Kennedy asserted that the current US administration's perceived antagonism towards Bitcoin is pushing the technology overseas. He indicated that the country's legislation has caused cryptocurrency enterprises to migrate to more welcoming jurisdictions like Switzerland and Singapore.
As president, Kennedy committed to ending this perceived antagonism towards digital currencies from the Federal Reserve and regulatory bodies such as the Securities and Exchange Commission and the Federal Deposit Insurance Corporation. He affirmed his commitment to regulation that shields consumers from nefarious tactics while permitting truly decentralized currencies.
Kennedy's presidential run as an independent candidate has a narrow possibility of success, with a 9.8% poll rating compared to frontrunners Donald Trump at 41.2% and President Biden at 39.5%.
The crypto industry in the US has repeatedly stated that the SEC has no authority over digital assets as the Congress hasn't granted it specifically and cryptocurrencies do not conform to the securities regulatory guidelines as per the “Howey test”. However, this hasn't prevented the SEC from pursuing legal action against multiple crypto companies.
In addition, both the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) are seen as unreceptive toward cryptocurrency. The FDIC noted in its 2023 risk review report that the risks associated with digital assets are new and intricate.
The forthcoming US presidential election will take place on November 5.
Published At
5/31/2024 4:19:04 AM
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