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Robert F. Kennedy Jr.’s Views on Cryptocurrency

Robert F. Kennedy (RFK) Jr. (born January 17, 1954) is an American environmental lawyer, politician, and writer who is running in the 2024 US Presidential election as a Democrat. He is the son of U.S. attorney general and Senator Robert F. Kennedy and nephew of U.S. President John F. Kennedy. [1][2][3]

Robert F. Kennedy Jr. Accept Campaign Donations in Bitcoin

Robert F. Kennedy Jr. announced during his first appearance as a presidential candidate at the Bitcoin 2023 conference on May 18, 2023, that he would accept campaign donations in . He praised the cryptocurrency as a “symbol of democracy and freedom” during the event.[4]

“Today, we show the world the power and the durability and the flexibility of Bitcoin. [...] Almost everyone in this room is aware of the link between Bitcoin and democracy and freedom. [...] They’re passionate because of the deep representation of a deep need that we have for liberty and democracy and the promise that this innovation has to guarantee those virtues." - Robert F. Kennedy Jr. during the Bitcoin 2023 conference. [4]

RFK Jr. on CBDC, Crypto

Robert F. Kennedy Jr. shares his libertarian views about cryptocurrencies on Twitter. In a post on May 3, 2023, RFK Jr. stated that “crypto technologies are a major innovation engine,":

"Cryptocurrencies, led by , along with other crypto technologies are a major innovation engine. It is a mistake for the U.S. government to hobble the industry and drive innovation elsewhere. Biden’s proposed 30% tax on cryptocurrency mining is a bad idea."[5]

Kennedy condemned the administration’s proposed tax on crypto . An environmental lawyer, Kennedy called the proposed 30% tax on energy used by crypto miners “a bad idea.”[6]

"Yes, energy use is a concern (though somewhat overstated), but bitcoin mining uses about the same as video games and no one is calling for a ban on those. The environmental argument is a selective pretext to suppress anything that threatens elite power structures. Bitcoin, for example. [5]

Robert F. Kennedy Jr. Praises Bitcoin & Blockchain Technology

On June 27, 2023, RFK Jr held a speech in which he vowed to defend the US citizens’ right to hold and use  (BTC). He also promised to make sure that “your right to use and hold Bitcoin is inviolable.” [9]

"As president, I will make sure that your right to use and hold Bitcoin is inviolable. Bitcoin is not only a bulwark against totalitarianism and the manipulation of our money supply, it points the way toward a future in which government institutions are more transparent and more democratic." - RFK Jr tweeted[8]

He assured citizens that he intended to ensure that America would get proper policies that would support the first and largest . He also envisions freedom in crypto transactions, and he highlighted the essence of managing personal Bitcoin wallets, passwords, and nodes. RFK Jnr views the digital asset as more than just a currency, calling it an exercise in democracy and highlighting that the asset offers an escape route to the public for when “the bubble invariable bursts.” [9]

RFK on the SEC

Robert F. Kennedy Jr spoke to TheStreet Crypto about how he believed that America's crypto industry was harmed by the Securities and Exchange Commission's (SEC) bias against the industry.

"I don’t want people on the SEC commission who are anti-crypto. At most, they should be neutral, and we should have people on there who are from the crypto community." - Kennedy said.[7]

Kennedy mentioned how his grandfather Joseph P. Kennedy Sr., tapped by President Franklin D. Roosevelt, was the first commissioner of the SEC and promoted transparency, which he says is missing now:

"His job at the SEC was to make the system fair for the little guy by giving it transparency and fairness," he said

"SEC’s function now is not to protect the American people, but it’s to protect the banks – particularly the central banks and those interests. What they’re doing is obscure, it’s not transparent, and it's not bringing transparency to our system." - Kennedy said[7]

Using Bitcoin to back the Dollar and Exempting Bitcoin from Capital Gains Tax

“Bitcoin is among the hardest currencies and the Kennedy administration is going to encourage its proliferation and propagation,” said Kennedy at a political action committee (PAC) event dubbed Heal-the-Divide. [10] [11]

Kennedy explained that he wants to exempt capital gains tax when Bitcoin is exchanged for U.S. Dollars and acknowledged, “This will give windfall to many Bitcoiners that have a great deal of money,” said the presidential candidate, but added that “the benefits dwarf the downfalls.” [11]

He believes that the tax exemption policy will spur investment, ensure citizen privacy, and incentivize top talent to stay in the United States rather than moving to other more crypto-friendly jurisdictions like Switzerland, Singapore, Germany, and Portugal. [10]

“My administration’s mission is to make America the hub of cryptocurrency and particularly of Bitcoin,” he said. [10]

Kennedy’s second Bitcoin announcement during the event was a plan to back both the U.S. Dollar and US. Treasury Bills with hard assets–namely gold, silver, platinum and Bitcoin. His plan, however, is to “start small,” backing 1% of t-bills with a combination of these assets, pointing to Bitcoin as what he considers to be “the world’s hardest asset.” [10]

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Robert F. Kennedy Jr.’s Views on Cryptocurrency

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July 22, 2023

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updates with new positions

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