Bitcoin In The Spotlight: US Presidential Candidate Advocates For Regulatory Measures

Bitcoin appears to be at the forefront of US politics, with several key stakeholders taking a positive stance on the leading cryptocurrency recently. The latest person to express his support for the leading currency is Robert Kennedy Jr., a Democratic candidate for the 2024 US presidential elections.

Kennedy Champions Bitcoin As A Symbol Of Democracy And Freedom  

During the ongoing Bitcoin 2023 conference in Miami, Kennedy presented his proposals for regulating the Bitcoin (BTC) ecosystem and other cryptocurrencies. In his speech, Kennedy praised the crypto as more than just a cryptocurrency, describing it as a symbol of democracy and freedom. 

He argued that crypto technologies are driving innovation and criticized how the United States is stifling the industry, leading to innovation moving elsewhere. Kennedy outlined a four-pronged plan that he believes is crucial for regulating and developing the crypto ecosystem in the US. 

This includes a pledge to guarantee the right to own BTC and run a node, ensure neutral energy regulations, maintain the US as the global center, and revisit the convictions of Bitcoin pioneers like Ross Ulbricht. 

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These proposals aim to counteract the current policies implemented by various US agencies, which are viewed as a government-led assault on the crypto and its community. Specifically, Kennedy’s third proposal seeks to address limitations on Bitcoin mining, including the recently proposed 30% tax on mining operations, which he strongly opposes. He argues that this tax plan is based on a flawed environmental conservation judgment influenced by elite interests.

The US government’s actions against the cryptocurrency market, particularly through the Securities and Exchange Commission (SEC), are also a concern. The SEC has filed lawsuits against major exchanges such as Coinbase, Kraken, and Binance. Furthermore, SEC Chairman Gary Gensler’s stance on cryptocurrency assets, apart from Bitcoin, being classified as securities, has sparked controversy.

Overall, these measures indicate an excessive level of regulation that is prompting companies and developers to flee the United States. This prompted Kennedy’s fourth proposal, which aims to ensure that the US retains its position as a global hub for cryptocurrencies.

US Politicians See Value In The Crypto

Kennedy, an environmental lawyer, publicly declared himself a Bitcoin supporter in April and has since been vocal in opposing the regulations imposed by the Joe Biden administration, which are unfavorable to cryptocurrencies. 

He has also integrated Bitcoin payments as a means of donation on his official campaign website. The BTC payment portal directs users to an opennode.com checkout page that does require various identification requirements. 

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It is worth noting that the Bitcoin 2023 conference features several American politicians who support the crypto ecosystem, including Senator Cynthia Lummis from Wyoming, Congressmen Patrick McHenry from North Carolina, Byron Donalds from Florida, and former congresswoman Tulsi Gabbard from Hawaii, who was formerly a member of the Democratic Party.

-Featured image from iStock.com, chart from TradingView.com