Robert F. Kennedy Jr. Goes Further Into Crypto Following Anti-CBDC Remarks

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Democratic presidential candidate Robert F. Kennedy Jr. spoke out on behalf of the digital asset industry on Tuesday, criticizing what he called a war on crypto following earlier remarks he had made against a US central bank digital currency, or CBDC.

Kennedy, who officially announced his 2024 presidential bid last month, said the Federal Deposit Insurance Corporation (FDIC) and the Securities and Exchange Commission (SEC) lack the power to wage extralegal warfare. against crypto that leaves big banks as collateral damage. .

Referring to an article written by Ellen Brown titled How the War on Crypto Triggered a Banking Crisis, Kennedy said Brown claims a government-led campaign against the digital asset industry led to several historic bank failures. in March, especially Silicon Valley Bank, Signature Bank and Silvergate Bank.

Whether or not there is a concerted effort to uproot crypto from the US financial system is a controversial topic. Barney Frank, a former congressman who served on the board of Signature Banks, said the institution was shut down to send an anti-crypto message. A New York regulator has denied the claims.

Either way, Kennedy’s comments mark an increased focus on the digital asset industry as he aims to dash President Joe Bidens’ re-election hopes. And although he has been portrayed as a fringe candidate, his remarks show how crypto has become a hot political issue as the next election cycle kicks off.

Kennedy’s comments last month against a CBDC are comparable to those of Florida Governor Ron DeSantis, a potential challenger to former President Donald Trump. Both warned that the technology could be subject to abuse of power and threaten the privacy of its users.

The Federal Reserve issued clarification days after Kennedy’s anti-CBDC remarks, saying its FedNow payment system launch is neither a digital currency nor a replacement for cash, which Kennedy appeared to confuse with a CBDC.

While some Democrats like Elizabeth Warren have repeatedly criticized crypto and made criticism of the industry a key pillar of their policy platform, others like New York City Mayor Eric Adams have expressed their support for the nascent asset class.

But Republicans of late have been more willing to publicly align themselves as crypto advocates, whether it’s lawmakers like Tom Emmer (R-MN) or Ted Cruz (R-TX). In March, Emmer himself accused the FDIC of weaponizing instability in the banking industry to purge legal entities of digital assets in the United States. And last week, Cruz himself criticized CBDCs, saying they were designed to “destroy all the value of Bitcoin.”

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