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. The filing was confirmed on April 5 by his campaign treasurer, John E. Sullivan.
A website has been set up to receive donations and volunteers for the presidential run. If he becomes a candidate, Kennedy says his top priority will be to “end the corrupt merger between state and corporate power.”
Kennedy Jr., a well-known political activist, is 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.
The bestselling author is a leading voice in the anti-vaccine movement, and in 2021, he published a book titled “The Real Anthony Fauci,” in which he alleged that the prominent infectious disease specialist had played a key role in “a historic coup d’etat against western democracy.”
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 long-shot challenge to President Biden, who 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.
He is particularly gaining attention from the crypto community due to his pro-crypto stance, as he has spoken openly about Bitcoin, Central Bank Digital Currencies (CBDCs), and the ongoing crypto crackdown.
CBDC Could Lead to “Financial Slavery and Political Tyranny
Kennedy Jr.’s entry into the 2024 US presidential run has caught the attention of the cryptocurrency space as he joined Republican lawmakers by expressing concerns over the potential dangers of fiat digital currencies (CBDCs).
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.
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.
Growing Concerns Over CBDC’s Potential Misuse
CBDCs have faced opposition from many liberal voices, such as Edward Snowden, who called them “a cryptofascist currency” in 2021.
Meanwhile, Republican lawmakers such as Tom Emmer have raised concerns about CBDCs, and South Dakota Governor Kristi Noem took issue with amendments to the state’s Uniform Commercial Code (UCC).
Governor Ron DeSantis of Florida recently introduced legislation to ban CBDCs from the state’s UCC, claiming that the technology could be used to curtail firearm purchases or limit gasoline sales.
Other voices that have cautioned against the government launching a CBDC include US Senator Ted Cruz, who, along with Sens. Mike Braun (R-Ind.) and Chuck Grassley (R-Iowa), introduced legislation in March 2023 to prohibit the Fed from developing a direct-to-consumer CBDC which could be used as a financial surveillance tool by the federal government.
“The federal government has no authority to unilaterally establish a central bank currency. This bill goes a long way in ensuring big government doesn’t attempt to centralize or control cryptocurrency and, instead, allows it to thrive in the United States. We should be empowering entrepreneurs, enabling innovation, and increasing individual freedom—not stifling it,” said Cruz.
Cryptocurrencies Are “an Escape Route”
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.”
Kennedy’s statements came after the Fed published an advisory notice insisting that its FedNow service was not a CBDC or a cash replacement. However, Kennedy contended that the assertion could gain greater credibility if people were not aware of the measures taken by the Biden administration 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.
According to Kennedy, the recent crackdown on cryptocurrencies removes alternative rails, strengthens government control over the financial and political systems, and blocks exit ramps.
To support his criticism of the Fed’s monetary policies and its relationship with big banks, Kennedy pointed out how between 2008 and 2022, the Fed partnered with a handful of big banks to print $10 trillion, which he referred to as “ten centuries of wealth in 15 years” and a bonanza for the banksters at the expense of the public.
Kennedy then said that Bitcoin and other cryptocurrencies give people an escape route from the financial turmoil that will lead to an inevitable crash.
The Rising Trend of Crypto in the Context of the 2024 Election
Given his status as a possible presidential contender, Kennedy Jr.’s perspectives on Bitcoin and CBDCs are of considerable importance to the cryptocurrency community. If he is somewhat successful in his presidential bid and takes a more pro-crypto stance, it could potentially lead to greater adoption of Bitcoin and other cryptos as an alternative to government-controlled digital currencies.
And if he is elected President in 2024, his presence in the White House could also lead to more friendly crypto policies, especially as many countries worldwide are exploring CBDCs as a solution to the banking crisis and as an alternative to paper currency.
However, it is of note that Kennedy Jr. holds the belief that CBDCs could be a viable solution for tackling a financial crisis while acknowledging that they can be misused due to their inherent potential.
The crypto community hopes for a better scenario for cryptocurrency in the United States with Kennedy Jr.’s pro-crypto stance.
With crypto continuing to gain mainstream attention, having a pro-crypto face at the top level is not completely out of the picture. In fact, in November last year, Cody Carbone, the Vice President of Policy at the Digital Chamber of Commerce, tweeted that despite not being a mainstream part of candidate platforms, crypto is on track to become one for the 2024 election, given the rising trend of user adoption.
At the time, Carbone called on both the industry and voters to ensure their voices were heard in shaping the future of the crypto landscape in politics.
Meanwhile, former president Donald Trump, who is also running for president in 2024, has expressed negative views on cryptocurrencies. In 2019, he tweeted that he is not a fan of Bitcoin and other cryptocurrencies, and in 2021 he called Bitcoin a “scam” and a “very dangerous thing.”
Trump has also stated that he wants the dollar to remain the world’s currency and sees unregulated crypto assets as potentially facilitating illegal activity.
Robert F. Kennedy Jr.’s Potential Impact on the Crypto Industry
In conclusion, Robert F. Kennedy Jr.’s stance on CBDCs and Bitcoin will likely continue to be closely monitored by the crypto community as his campaign for president progresses. His warnings about the potential dangers of CBDCs serve as a reminder of the importance of protecting financial privacy and autonomy in a world where governments are increasingly interested in digital currencies.
His warning also highlights the potential risks associated with the government’s upcoming digital payments system and CBDCs and underscores the need for caution and scrutiny as the US government continues to navigate the evolving landscape of digital currencies.
Despite the government’s actions, Kennedy Jr.’s support of cryptocurrencies gives hope to the industry for a positive and encouraging ecosystem in the US.
In his view, Bitcoin could be a safe zone or an underground bunker during financial instability. And the decentralized nature of cryptocurrencies makes them robust against market problems, unlike traditional financial systems governed by a central authority and regulation.
Kennedy filed for candidacy on April 5, 2023, and would be the fourth member of his family to run for the US presidency. He is expected to officially announce his run on April 19, 2023.
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