Is it a bird? A plane? No, it’s Robert Kennedy Jr.! That’s right, folks, the nephew of the immortalized President JFK is the new Superman of crypto on Washington Hill. Let’s back up, and talk about who and where Kennedy came from and why he may be the savior in the government that crypto so desperately needs.
Robert F. Kennedy Jr., a former environmental lawyer, has filed paperwork with the Federal Election Commission to run for president in 2024 as a Democrat.
“End the Corrupt Merger Between State and Corporate Power.” -Robert F. Kennedy, Jr.
He’s the son of Robert F. Kennedy, the former US attorney general and New York senator who was assassinated while running for president in 1968, and nephew of President John F. Kennedy.
Despite his connections to one of America’s foremost political dynasties, Kennedy faces an uphill battle in challenging an incumbent president from his own party. His potential candidacy is seen as a longshot challenge to President Biden, whom many Democrats have expressed concerns about as a candidate in 2024 due to his age.
Kennedy has previously served in various roles for environmental groups like the Natural Resources Defense Council, Hudson Riverkeeper, and Waterkeeper Alliance.
Crypto Likes Kennedy’s Stance on the Industry
Voicing his concerns on Twitter, Kennedy said that a CBDC could lead to “financial slavery and political tyranny.” His comments are similar to those made by several Republican politicians who have opposed CBDCs for potentially compromising financial privacy rights and restricting purchases.
On April 5, Kennedy Jr. tweeted a warning about CBDCs, specifically the Federal Reserve’s plan to introduce its “FedNow.”
The Fed has made it clear that it is not launching a CBDC with its upcoming FedNow payments service, which is expected to be available in July.
The US central bank has repeatedly stated that it will not release a retail CBDC without written approval from Congress and the executive branch.
Meanwhile, Kennedy Jr. believes that CBDCs could undermine financial privacy and autonomy, allowing the government to surveil all private financial affairs, potentially limiting individuals’ ability to spend their own money and even controlling where they can spend it.
Concerns About CBDCs
He also suggests that CBDCs tied to a digital ID and social credit score could enable the government to freeze assets or restrict spending for those who fail to comply with government policies, such as vaccine mandates. He further warned that CBDCs could be a precursor to the banning and seizure of Bitcoin, as the Treasury did with gold in 1933.
This week, Kennedy Jr. further expressed his concerns about CBDCs and openly advocated for Bitcoin and other cryptocurrencies as a safe haven during economic uncertainties while accusing the Biden administration of launching a “steady barrage of hostile broadsides against cryptocurrencies.”
For this, Kennedy cited crypto investor Nick Carter’s arguments that the White House has organized a coordinated effort to crack down on the nascent industry. The government’s efforts against crypto, dubbed “Operation Chokepoint,” serves as a reminder that cryptocurrencies face significant regulatory and legal obstacles in the US.
