RFK Jr. ends the latest US crypto ‘hostility’
US President long-shot Robert F. Kennedy Jr. has promised to end his hostility to crypto if elected, saying the threat of “commercial freedom” is an issue for Americans heading into the November election.
“We want sovereignty over our own wallets and freedom of commerce,” Kennedy told reporters at Consensus on May 30. “We want a transparent, decentralized currency to protect against totalitarianism.”
In 2022, the Canadian government cited the freezing of fiat and crypto by “Freedom Convoy” protesters due to truckloads of vaccine orders as a reason to seek financial sovereignty.
The Federal Court of Canada ruled in January that the measures were unreasonable and unconstitutional.
“The Biden administration's hostility to Bitcoin is driving this technology abroad,” Kennedy said, adding that US laws have driven crypto companies to Switzerland and Singapore.
“We need to ensure America remains the center of blockchain technology.”
If elected president, Kennedy has promised to “end the hostility to cryptocurrencies” from the Federal Reserve and regulators – the Securities and Exchange Commission and the Federal Deposit Insurance Corporation (FDIC).
“I will ensure that cryptocurrencies are regulated in ways that protect consumers from malicious schemes and pump and dump schemes,” he said.
“In fact, decentralized currencies should be encouraged, and we should be encouraging capital flows into those currencies. As president, I will do this.
Convicted felon and presidential candidate Donald Trump promised earlier this week that if elected, the “future of crypto” would be America-centric.
Kennedy is running as an independent for the chance to win the presidency.
In the year
Kennedy's favorability also declined. A May 23 poll showed nearly 42% of respondents had an unfavorable opinion of him — still below Trump's 53.7% and Biden's 55.5% unfavorable opinion.
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Many in the US crypto industry have argued that the SEC has no jurisdiction over digital assets because Congress has not passed specific laws granting such authority and that cryptocurrencies do not meet the Hawaii test of the regulator's definition of securities.
That hasn't stopped the SEC from filing multiple lawsuits against crypto companies for violating securities laws and operating illegally.
The Fed and the FDIC are also seen as unfriendly to crypto. The FDIC's 2023 Risk Assessment Report called digital asset risks “new and complex,” and in August, the Fed increased banks' exposure to crypto companies.
The United States presidential election is scheduled for November 5.
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Additional reporting by Turner Wright.
