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 top cryptocurrency recently. The latest person to express their support for the leading currency is Robert Kennedy Jr., the Democratic candidate for the 2024 US presidential election.
Kennedy defends Bitcoin as a symbol of democracy and freedom
During the course Bitcoin Conference 2023 in Miami, Kennedy presented his proposals to regulate the Bitcoin (BTC) ecosystem and other cryptocurrencies. In his speech, Kennedy praised cryptocurrency as more than just a cryptocurrency, describing it as a symbol of democracy and freedom.
He argued that cryptographic technologies are driving innovation and criticized how the United States is stifling the industry by driving innovation elsewhere. Kennedy outlined a four-pronged plan that he believes is crucial to regulating and developing the US crypto ecosystem.
These include a pledge to secure the right to own BTC and run a node, ensure energy-neutral regulations, keep 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 current policies implemented by various US agencies, which are seen as a government-led attack on cryptocurrency 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 vehemently opposes. He argues that this tax plan is based on a flawed judgment of environmental conservation influenced by elite interests.
US government actions against the cryptocurrency market, most notably 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. Additionally, SEC Chairman Gary Gensler’s stance on cryptocurrency assets other than Bitcoin being classified as securities has sparked controversy.
Overall, these measures indicate an excessive level of regulation that is driving companies and developers to flee the United States. This led to Kennedy’s fourth proposal, which aims to ensure the US maintains its position as a global cryptocurrency hub.
US Politicians See Value in Cryptocurrencies
Kennedy, an environmental lawyer, publicly declared himself a supporter of Bitcoin in April and has since opposed regulations imposed by the government of Joe Biden, which are unfavorable to cryptocurrencies.
He has also integrated Bitcoin payments as a means of donation on his official campaign website. The BTC payment gateway directs users to an opennode.com checkout page that requires 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 of Wyoming, Congressman Patrick McHenry of North Carolina, Byron Donalds of Florida and former Representative Tulsi Gabbard of Hawaii, who was formerly a member of the Democratic Party.
-Featured image from iStock.com, chart from TradingView.com