Robert F. Kennedy Jr., a prominent activist and author, took to Twitter to express concerns about the Biden administration’s stance on cryptocurrencies, arguing that their aggressive approach may be a strategy to maintain control over the financial system.
Kennedy Jr. emphasized that while the government claims that the development of the FedNow system is not the first step towards a Central Bank Digital Currency (CBDC), he finds this hard to believe given the administration’s recent actions against the cryptocurrency sector. Kennedy Jr. pointed to the fact that between 2008 and 2022, the Federal Reserve collaborated with major banks to print $10 trillion. He argued that cryptocurrencies like Bitcoin provide an alternative escape route for the public when this financial bubble inevitably bursts, but the White House is conspiring with banks to keep people trapped in this bubble.
The claim that FedNow is not the first step toward a CBDC would be more easily digestible were we not aware of the Biden administration’s steady barrage of hostile broadsides against cryptocurrencies.— Robert F. Kennedy Jr (@RobertKennedyJr) April 10, 2023
Between 2008-22, the Fed partnered with a handful of big banks to print $10…
Citing a recent post by Nic Carter, a cryptocurrency expert and founder of Coin Metrics, Kennedy Jr. outlined how the Biden administration has engaged in a systematic crackdown on the crypto industry. According to Carter, President Biden has utilized various government agencies, including the FDIC, OCC, and DOJ, to pressure crypto-friendly banks into shutting their doors to cryptocurrency firms. Kennedy Jr. suggested that this crackdown is aimed at eliminating alternative financial pathways and solidifying government control over both the financial and political systems.
Kennedy Jr. also warned that CBDCs pose a significant threat to civil liberties, as they serve as a powerful tool for social surveillance and control. He quoted Balaji Srinivasan, a prominent entrepreneur and investor in the tech industry, who asserted that the distinction between the FedNow system and a CBDC is significant from a technical perspective but not in terms of civil liberties. Srinivasan compared the FedNow system to a virus that has evolved to avoid detection by altering its sequence without truly changing its function.
As discussions around CBDCs and their potential implications continue, the Biden administration’s approach to cryptocurrencies will remain a topic of concern for those who see digital assets as a means to preserve financial freedom and autonomy.