Robert F. Kennedy Jr., a longshot candidate in the United States presidential race, has pledged to put an end to what he perceives as regulatory hostility towards cryptocurrencies if he is elected. Kennedy argues that Americans need financial sovereignty and transactional freedom, as well as a decentralized and transparent currency to protect them from totalitarianism. He points to the Canadian government’s freezing of fiat and crypto assets belonging to “Freedom Convoy” protesters as an example of the need for financial sovereignty. Kennedy claims that hostility towards Bitcoin from the Biden administration has driven crypto companies out of the US and towards countries like Switzerland and Singapore. If elected, Kennedy promises to regulate cryptocurrencies in a way that protects consumers from fraudulent schemes while encouraging the growth of truly decentralized currencies. Kennedy’s chances of winning the presidency are slim, as he is polling at only 9.8% compared to Donald Trump’s 41.2% and Joe Biden’s 39.5%. Kennedy’s favorability ratings have also dropped, with nearly 42% of respondents holding an unfavorable opinion of him. The US crypto industry believes that the Securities and Exchange Commission (SEC) has no authority over digital assets, as Congress has not passed specific legislation granting it jurisdiction. However, the SEC has filed multiple lawsuits against crypto firms, accusing them of violating securities laws and operating illegally. The Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) are also viewed as unwelcoming to crypto, with the FDIC describing digital asset risks as “novel and complex” in their 2023 risk review report and the Fed increasing oversight of banks’ relationships with crypto companies in August. The US presidential election is scheduled for November 5th.
RFK Jr. Joins Growing List of Individuals Pledging to Put an End to US Cryptocurrency 'Hostility'