Robert Kennedy Jr Slams SEC for Protecting Banks Instead of American People — Calls for Crypto-Friendly Commissioners

U.S. presidential candidate Robert F. Kennedy Jr. says he does not want anti-crypto people on the Securities and Exchange Commission (SEC). He also slammed the securities regulator for protecting banks rather than the American people. “What they’re doing is obscure, it’s not transparent, and it’s not bringing transparency to our system,” said the presidential hopeful.

RFK Jr on SEC, Bitcoin, Crypto Regulation

U.S. presidential candidate Robert F. Kennedy Jr. (RFK Jr.) expressed admiration for bitcoin while criticizing the regulatory approach of the Securities and Exchange Commission (SEC) towards the cryptocurrency industry in an interview with Thestreet, published Friday. RFK Jr. is a nephew of former U.S. President John F. Kennedy and a son of former U.S. Attorney General Robert F. Kennedy.

Sharing his intention to nominate crypto-friendly individuals to the SEC should he 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.

Multiple people have criticized the SEC, under Chair Gary Gensler, for taking an enforcement-centric approach to regulating the crypto space. In December last year, Gensler said the securities watchdog will use all available tools to crack down on uncompliant crypto firms. However, many have complained that the rules are so unclear that it is very difficult to ensure compliance. Last month, the Nasdaq-listed crypto exchange Coinbase filed legal action against the SEC over a lack of regulatory clarity. In the same month, U.S. Congressman Warren Davidson (R-OH) revealed that he is introducing legislation to remove the chairman of the SEC “to correct a long series of abuses.”

Kennedy stressed: “SEC’s function now is not to protect the American people, but it’s to protect the banks — particularly the central banks and those interests.” He added:

What they’re doing is obscure, it’s not transparent, and it’s not bringing transparency to our system.

RFK Jr Highlights Benefits of Bitcoin

The presidential hopeful has been a strong supporter of bitcoin and his campaign accepts BTC donations. Kennedy explained:

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.

“What happens with Bitcoin is very, very democratic. It’s all decided by all the miners in a democratic way and by algorithms that can’t be manipulated,” Kennedy continued. “It’s the perfect base currency, because there’s a finite amount of it… The Bitcoin that exists on the Earth is infinitely divisible, so it’s kind of the perfect currency — it has an intrinsic value and it gives people a way out.”