As the 2024 presidential race begins to take shape, recent entry Robert F. Kennedy Jr. is already stirring up the crypto sector. With a strong inclination towards digital assets, Kennedy has weighed in on several pressing issues in the industry, providing much-needed discourse on crypto regulation and development in the United States.
One major point that Kennedy has raised, which has surely got the attention of the crypto community, is his criticism of the Biden Administration’s proposal for a 30% excise tax on cryptocurrency mining operations. The tax is based on energy costs, citing environmental concerns associated with mining. Kennedy argues that this proposal hinders the growth of the industry and stifles innovation. Urging the government to reconsider, he tweeted, “Biden’s proposed 30% tax on cryptocurrency mining is a bad idea.”
Kennedy’s position is gaining traction among Democratic voters; early polling shows him reaching double digits as a primary challenger to President Biden. Kennedy is not just a crypto enthusiast; he has been quite vocal against vaccinations too, which may resonate with a certain segment of the population. Announced as a speaker at the Bitcoin 2023 conference in Miami Beach, Kennedy’s involvement with the crypto sector is becoming more apparent.
In addition to his stance on the proposed mining tax, Kennedy has accused U.S. financial regulators of waging “an extra-legal war on crypto,” which he believes is creating damage to the banking system. Many argue that the current regulatory environment not only makes it difficult for startups and innovators but also drives capital and talent away from the U.S., hindering the ability to compete globally.
Furthermore, Kennedy recently expressed his concerns about central bank digital currencies (CBDCs). Labeling them as “the ultimate mechanisms for social surveillance and control,” he stands firmly against supporting CBDCs in the United States. This anti-CBDC view aligns him with the presumed 2024 Republican candidate, Florida Governor Ron DeSantis.
Although the 2024 campaign is still far off, early candidates like Kennedy have the potential to shape political discussions and influence the outcomes. Of course, the big question remains whether Kennedy’s name recognition will have a significant impact on establishing his place among Democrats. Recent history has shown that fame can play a significant role, as former President Donald Trump’s surprise victory can attest.
As the race for 2024 heats up, the crypto community will be interested in monitoring candidates who advocate for a pro-blockchain, pro-crypto stance. With Kennedy’s entry into the arena, these critical discussions about the future of digital assets and their role in our economy have just begun.