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What will a Pro-Bitcoin President Mean for the U.S.? Robert F. Kennedy Jr. See the Future of Money

Published July 3, 2023 2:52 PM
Omar Elorfaly
Published July 3, 2023 2:52 PM

Key Takeaways

  • RFK vows to create clear regulations for Bitcoin holding and trading
  • The Democratic candidate sees Bitcoin as a way to regain confidence in the American government
  • What power does a president have on the SEC?

Democrat presidential candidate, Robert F. Kennedy Jr. has been making the news often lately. While many of the news outlets have been focusing on Biden vs Trump, RFK has managed, within just two months, to gather 20% of the Democrats’ support. 

RFK is the first president to actually address the topic of Bitcoin during a presidential campaign. During a rally, RFK highlight key initiatives that would pave the way for safe and easy Bitcoin ownership, and trade. He also pointed out some of the main reasons why cryptocurrency has been gaining momentum, including people’s distrust of the national central bank.

The First ‘Bitcoin’ Campaign

Last week, Democrat presidential candidate Robert F. Kennedy Jr. announced that his campaign is the first to accept donations in the form of Bitcoin. While many in the audience cheered, it wasn’t until later when RFK mentioned why the American public is growing fond of Bitcoin. That’s when the crowd showed its loudest cheers of the night. 

“As president, I will make sure that your right to hold and use Bitcoin is inviolable,” said RFK in his speech, adding that “You should be able to own your own private keys, the same as you own the keys to your car or own wallet.”

RFK went on to say “I will reverse the government’s growing hostility towards this industry, and keep innovation at home,” a statement many can interpret as a direct comment regarding the SEC and Chair Gary Gensler. 

One of the key statements RFK made during his speech stated that “Americans have come to distrust the government, including the way it has manipulated our money supply to benefit the very rich,” adding that “Bitcoin is a bulwark against precisely this kind of government and corporate expansion and intrusion.”

“The public ledger of Bitcoin makes every transaction transparent to everyone. It might therefore be a harbinger of a future in which the government is transparent to the people.”

The Kennedy descendant even made the rounds with the press, answering questions about his potential policies regarding cryptocurrencies. In an interview  with NY Post, RFK made his point very clear regarding the kind of policies he has in mind, and where he stands on the idea of a central bank digital currency (CBDC).

“I will make sure that we have policies that support bitcoin and the freedom to transact and that allow individuals to manage their own bitcoin wallets, nodes, and passwords. I will allow only the narrowest controls that are necessary to prevent money laundering. I oppose central bank digital currencies because they are instruments of control and oppression, and are certain to be abused”

What Power Does A President Have Over The SEC?

The short answer is a lot. The US Securities and Exchange Commission may operate as a separate federal agency. However, the commission typically is run by five commissioners. Every single commissioner is appointed by the president, then approved by the Senate. 

Most importantly, the commission’s chair is chosen by the president. For example, Gary Gensler, the current SEC Chair was chosen by President Joe Biden. 

In conclusion, should RFK become president, he’d most likely appoint an SEC chair who is pro-Bitcoin to help him carry out the promises made during his presidential campaign.