Renowned environmental attorney and activist Robert Kennedy Jr slams SEC (Securities and Exchange Commission) for prioritizing the interests of banks over the welfare of the American people. In a scathing statement issued yesterday, Kennedy expressed his concern over the SEC’s approach towards cryptocurrencies and called for the appointment of crypto-friendly commissioners to safeguard the future of digital assets.
Kennedy, a long-time advocate for financial transparency and accountability, accused the SEC of favoring established financial institutions at the expense of innovation and individual freedom. He argued that the regulatory body’s stringent policies and reluctance to embrace cryptocurrencies were inhibiting the growth and potential benefits of decentralized financial technologies.
RFK Jr Shares Thoughts on SEC, Bitcoin, and Crypto Regulation
Presidential candidate Robert F. Kennedy Jr. (RFK Jr.) recently expressed his appreciation for Bitcoin while raising concerns about the regulatory strategy employed by the Securities and Exchange Commission (SEC) in relation to the cryptocurrency industry. In an interview with TheStreet published on Friday, RFK Jr., who is the nephew of former U.S. President John F. Kennedy and the son of former U.S. Attorney General Robert F. Kennedy, discussed his plans to nominate crypto-friendly individuals to the SEC if he were to be elected president. Kennedy stated:
“I don’t want people on the SEC commission who are anti-crypto. At most, they should be neutral, and we should have people on there who are from the crypto community. “
SEC faces backlash for Enforcement-Centric approach
Chair Gary Gensler and the Securities and Exchange Commission (SEC) have faced criticism from multiple individuals for their enforcement-oriented approach to regulating the cryptocurrency industry. Last December, Gensler emphasized the SEC’s commitment to utilizing all available tools to crack down on non-compliant crypto companies.
However, many have raised concerns about the lack of clarity in the regulations, making it extremely challenging to ensure compliance. In a recent development, the Nasdaq-listed crypto exchange Coinbase took legal action against the SEC, citing a lack of regulatory clarity. Around the same time, U.S. Congressman Warren Davidson (R-OH) announced his intention to introduce legislation to remove the SEC chairman to address a series of alleged abuses.
Emphasizing his viewpoint, Kennedy asserted, “The SEC’s current role is not to safeguard the American people, but rather to shield the banks, especially the central banks, and their vested interests.” He further stated: “What they’re doing is obscure, it’s not transparent, and it’s not bringing transparency to our system.”
RFK Jr sheds light on advantages of Bitcoin
As a presidential candidate, Robert Kennedy Jr slams SEC and has shown staunch support for Bitcoin, and his campaign welcomes BTC donations. Kennedy elaborated:
“One of the fundaments of Bitcoin is that you can trust it. And nobody can manipulate it. There’s no human being that can manipulate it.”
Kennedy further elaborated, stating, “Bitcoin operates on a highly democratic system where all decisions are made collectively by miners through algorithms that are resistant to manipulation. It serves as an ideal foundational currency due to its finite supply… Moreover, Bitcoin is infinitely divisible, making it a near-perfect currency with intrinsic value and providing individuals with an avenue for financial empowerment.”
As Robert Kennedy Jr slams SEC for its regulatory approach to the cryptocurrency industry, he has brought attention to the need for a more balanced and transparent framework. Kennedy’s call to appoint crypto-friendly commissioners highlights the potential benefits of embracing cryptocurrencies, such as bitcoin, for financial inclusion and innovation.
The SEC’s enforcement-centric strategy and lack of regulatory clarity have drawn criticism from various quarters, including Coinbase and Congressman Warren Davidson. As the crypto landscape continues to evolve, striking the right balance between regulation and freedom while ensuring investor protection is crucial for fostering a thriving digital economy in the United States and beyond.
Also Read: Firms compete for crypto Licenses in Hong Kong to enter the crypto market.
