Bitcoin appears to be at the forefront of US politics, as several key stakeholders have taken a positive stance on the leading cryptocurrency lately. The last person to express support for the main currency is Robert Kennedy Jr., the Democratic nominee for the 2024 US presidential election.
Kennedy championed bitcoin as a symbol of democracy and freedom
during the current Bitcoin Conference 2023 In Miami, Kennedy presented his proposals to regulate the ecosystem of Bitcoin (BTC) and other cryptocurrencies. In his speech, Kennedy praised cryptocurrency as more than just cryptocurrency, calling it a symbol of democracy and freedom.
He argued that cryptographic technologies drive innovation and criticized the way in which the US stifles industry, causing innovation to move elsewhere. Kennedy outlined a four-pronged plan that he believes is necessary to regulate and develop the crypto ecosystem in the United States.
This includes a pledge to guarantee the right to own BTC and operate a node, to ensure energy neutral regulations, to preserve the United States as a global hub, and to reconsider the convictions of Bitcoin pioneers such as Ross Ulbricht.
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These proposals aim to counter 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 restrictions 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 flawed conservation judgment influenced by elite interests.
The US government’s action against the cryptocurrency market, particularly through the Securities and Exchange Commission (SEC), is also a concern. The SEC has filed lawsuits against major exchanges like Coinbase, Kraken, and Binance. Moreover, SEC Chairman Gary Gensler’s stance on cryptocurrency assets, apart from Bitcoin, being classified as securities has generated controversy.
Overall, these actions indicate an excessive level of regulation that is causing companies and developers to flee the United States. This prompted Kennedy’s fourth proposal, which aims to ensure that the United States retains its position as a global cryptocurrency hub.
American politicians see the value in encryption
Kennedy, an environmental lawyer, declared himself a public supporter of bitcoin in April and has since been vocal in opposing regulations imposed by the Joe Biden administration, which are seen as unfavorable to cryptocurrency.
He has also integrated Bitcoin payments as a way to donate on his official campaign website. The BTC payment gateway directs users to the opennode.com checkout page which has different identification requirements.
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Notably, the Bitcoin 2023 conference features several US politicians who support the crypto ecosystem, including Senator Cynthia Loomis of Wyoming, Congressman Patrick McHenry of North Carolina, Byron Donalds of Florida, and former Congresswoman Tulsi Gabbard of Hawaii, who He was previously a member of Congress. Member of the Democratic Party.
Featured image from iStock.com, chart from TradingView.com