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Robert F. Kennedy Jr. Criticizes SEC’s Enforcement Action against Crypto

In an exclusive interview with TheStreet, Robert F. Kennedy Jr. (RFK Jr.), an aspiring US presidential candidate, criticized the Securities and Exchange Commission (SEC) for taking an enforcement approach to regulating the crypto industry.

Kennedy said such a heavy regulatory strategy might significantly affect the country’s digital asset ecosystem. When elected as president, he plans to appoint SEC staff with a favorable view of virtual assets to ensure that the US remains a hub for crypto.

“I don’t want people on the SEC commission who are anti-crypto,” Kennedy said. “At most, they should be neutral, and we should have people on there who are from the crypto community,” said Kennedy.

The presidential aspirant contrasted the current SEC system with the original intentions of his grandfather, Joseph P. Kennedy Sr., who aimed to bring transparency and fairness to the financial system during his tenure as the first SEC commissioner.

Kennedy said the financial regulator no longer serves its original purpose of protecting the American people. Instead, he argued that it primarily safeguards the interests of banks, particularly central banks, rather than ensuring transparency and fairness for everyday individuals.

“SEC’s function now is not to protect the American people, but to protect the banks – particularly the central banks and those interests. What they’re doing is obscure, it’s not transparent, and it’s not bringing transparency to our system,” said Kennedy.

Speaking to TheStreet, Kennedy also shared his admiration for Bitcoin (BTC) and its value proposition of trust and transparency in the face of turmoil such as inflation. Although he has not personally invested in Bitcoin, the US presidential aspirant commended its underlying value as a base currency.

He praised its finite supply and infinite divisibility, making it an ideal medium of exchange. He said the virtual asset offers individuals an exit from traditional monetary systems by having intrinsic value and providing an alternative option.

Kennedy further stated that nobody could manipulate the crypto asset. According to him, Bitcoin’s democratic nature, driven by miners and non-manipulable algorithms, makes it a trustworthy digital currency.

“The Bitcoin that exists on the Earth is infinitely divisible, so it’s the perfect currency – it has an intrinsic value and gives people a way out. And nobody can manipulate it. There’s no human being that can manipulate it,” said Kennedy.

The presidential aspirant declared his support for the crypto asset last week during the Bitcoin 2023 conference in Miami, where he publicly announced that his campaign would accept BTC donations. He also vowed to protect the digital asset against “invasive surveillance”.

Robert F. Kennedy Jr. Criticizes SEC’s Enforcement Action against Crypto

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