RFK Jr. Promises Crypto-Friendly Reforms in Presidential Bid

United States presidential candidate Robert F. Kennedy Jr.(RFK Jr.) has vowed to end what he describes as “regulatory hostility” toward cryptocurrencies if elected. 

Speaking at the Consensus conference on May 30, Kennedy highlighted the importance of financial sovereignty and transactional freedom, framing it as a critical issue for Americans in the upcoming November election.

“We need sovereignty over our own wallets and transactional freedom,” RFK Jr. asserted to reporters. “We need a decentralized currency that is transparent as a bulwark against totalitarianism.”

RFK Jr. Talks Crypto Regulation

Kennedy referenced the Canadian government’s 2022 decision to freeze fiat and crypto assets of “Freedom Convoy” protesters as a stark example of the need for financial independence. Canada’s Federal Court later deemed these measures unconstitutional in January.

“The hostility of the Biden administration to Bitcoin is driving this technology abroad,” RFK Jr. claimed. He pointed out that current U.S. laws have forced many crypto companies to relocate to more welcoming environments like Switzerland and Singapore. “We need to make sure America remains the hub of blockchain technology.”

Ending Hostility Towards Crypto

If elected, RFK Jr. promised to “end that hostility toward cryptocurrencies” from key regulators, including the Federal Reserve, the Securities and Exchange Commission (SEC), and the Federal Deposit Insurance Corporation (FDIC). He emphasized the need for regulatory frameworks that protect consumers from malicious schemes without stifling innovation. 

“I’m going to make sure that cryptocurrencies are regulated in ways that protect the consumer from malicious schemes and pump-and-dump schemes,” he said. “Truly decentralized currencies should be encouraged, and we should be encouraging the flow of capital into those currencies. I’m going to do that as president.”

RFK Jr. and Other Candidates

Kennedy’s stance aligns sharply with the now-convicted felon and fellow presidential candidate Donald Trump, who recently pledged to make the future of crypto U.S.-centric if he wins the presidency. Despite running as an independent with a slim chance of securing the presidency, Kennedy’s message has resonated with some in the crypto community.

As of May 30, Kennedy is polling at 9.8%, trailing behind Trump at 41.2% and President Joe Biden at 39.5%, according to FiveThirtyEight polls. His favorability has also declined, with nearly 42% of respondents viewing him unfavorably as of May 23, still lower than Trump’s 53.7% and Biden’s 55.5% unfavorability ratings.

US Agencies are Hostile Towards Crypto

The U.S. crypto industry has long contested the SEC’s authority over digital assets, arguing that Congress has not enacted specific laws granting it such jurisdiction and that cryptocurrencies do not meet the securities-defining Howey test. Nevertheless, the SEC has pursued multiple lawsuits against crypto firms, alleging violations of securities laws.

The Federal Reserve and the FDIC are also perceived as unwelcoming to crypto. The FDIC’s 2023 risk review report labeled digital asset risks as “novel and complex,” while the Fed increased oversight of banks’ relationships with crypto companies in August.