US Presidential Candidate Pushes For Stricter Regulation of Bitcoin

The world of politics in the United States seems to have a strong interest in Bitcoin, as many key stakeholders speak positively about the leading cryptocurrency. A recent example is Robert Kennedy Jr., a Democrat candidate for the 2024 US presidential elections, who expressed his support for Bitcoin during the Bitcoin 2023 conference held in Miami.

Kennedy didn’t just praise Bitcoin as a cryptocurrency, but also as a symbol of freedom and democracy. He criticized the stifling of the industry in the US and the subsequent shift of innovation to other countries. As a result, Kennedy proposed a four-pronged plan to regulate and develop the crypto ecosystem in the United States.

The first prong of Kennedy’s plan is to guarantee the rights of individuals to own BTC and to run a node. The second prong seeks to ensure neutral energy regulations, while the third is to maintain the US as the global center. The fourth prong aims to revisit the convictions of Ross Ulbricht, a Bitcoin pioneer.

The US government’s actions against the cryptocurrency market, specifically its assault on the industry via the Securities and Exchange Commission (SEC), are a cause for concern. The SEC has filed lawsuits against major exchanges, including Coinbase, Kraken, and Binance. Furthermore, SEC Chairman Gary Gensler’s position on categorizing cryptocurrency assets, apart from Bitcoin, as securities has sparked controversy.

As a result, these measures have prompted companies and developers to flee the United States. Kennedy’s plan aims to ensure that the US retains its position as a global hub for cryptocurrencies.

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.

It’s worth noting that Kennedy is an environmental lawyer who declared himself a Bitcoin supporter in April. He has also integrated Bitcoin payments as a means of donation on his official campaign website. The BTC payment portal directs users to an checkout page that does require various identification requirements.

In conclusion, the current situation shows excessive regulation and unfavorable policies by the Joe Biden administration towards cryptocurrencies, which is causing concern among Bitcoin supporters such as Robert Kennedy Jr. As a result, Kennedy’s four-pronged plan aims to counteract these detrimental policies and keep the US as a global hub for cryptocurrencies.

J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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