Forbes India 15th Anniversary Special

RFK Jr. calls for end to 'hostile' crypto policies in US

Donald Trump, a presidential candidate and former U.S. president, reiterated his commitment to the crypto market and prioritising its growth if he were to win the elections

Shashank Bhardwaj
Published: May 31, 2024 02:17:02 PM IST
Updated: May 31, 2024 02:21:01 PM IST

RFK Jr. calls for end to 'hostile' crypto policies in USIndependent presidential candidate Robert F. Kennedy Jr. speaks at the Libertarian National Convention in Washington, DC. Image: Kevin Dietsch/Getty Images
Robert F. Kennedy Jr., an independent candidate for the US presidency, has outlined his vision for the country's blockchain industry. Kennedy Jr. aims to position the United States as the global centre for blockchain technology, ensuring that American companies remain competitive and innovative in the space.

If elected, RFK Jr. has committed to addressing the perceived challenges of crypto regulation facing the crypto market. Kennedy Jr. asserts that the current crypto regulatory environment threatens Americans' transactional freedom, a concern he aims to resolve leading up to the November election.

On May 30, Kennedy Jr. emphasised the importance of financial autonomy and decentralised currency, citing concerns about totalitarianism and government overreach. He says the need for "sovereignty over our own wallets and transactional freedom" is crucial in today's political climate.

Kennedy highlighted the Canadian government's 2022 decision to freeze fiat and cryptocurrency accounts belonging to "Freedom Convoy" protesters, who advocated against vaccine mandates for truckers. According to him, the Biden administration's perceived hostility towards Bitcoin drives the technology abroad, leading to a decline in the number of crypto companies operating in the United States.

He also pointed out that U.S. laws have already driven many crypto companies to Switzerland and Singapore, where crypto regulatory environments are more favourable, while emphasising the need for the U.S. to remain a hub for blockchain technology.

Kennedy promised to end the Federal Reserve, Securities and Exchange Commission (SEC), and Federal Deposit Insurance Corporation (FDIC) 's perceived hostility toward cryptocurrencies.

Donald Trump, the presidential candidate, has pledged to ensure that the future of crypto is U.S.-centric if he wins the election. Kennedy's chances of securing the presidency are low, with a current polling percentage of 9.8 percent. In comparison, Trump is leading the pack with 41.2 percent, followed closely by President Joe Biden at 39.5 percent.

Many within the crypto community argue that the Securities and Exchange Commission (SEC) lacks the necessary jurisdiction to oversee digital assets. Congress has not passed specific laws granting the regulator such authority.

Despite these claims, the SEC has launched multiple lawsuits against crypto firms, alleging violations of securities laws and illegal operations. The Federal Reserve (Fed) and the Federal Deposit Insurance Corporation (FDIC) are also perceived as unfriendly towards the crypto industry.

Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist.
Twitter: @bhardwajshash