Robert F. Kennedy Jr. filed papers with the United States Federal Election Commission on April 5 to run as the 2024 Democratic presidential candidate, according to multiple news reports. He is expected to officially announce his candidacy on April 19 in Boston, Massachusetts. As reports of his candidacy spread, Kennedy tweeted his position on central bank digital currency (CBDC).
Kennedy, the nephew of US President John F. Kennedy and son of former US Attorney General Robert F. Kennedy, is an environmental lawyer who cattle notoriety as an anti-vaccination activist. By running for the Oval Office, she would challenge incumbent President Joe Biden, also a Democrat.
Also on April 5, Kennedy posted a tweet about the perceived dangers of CBDCs. While CBDC is becoming an increasingly political issue in the United States, Kennedy’s statement stood out for its candor. There was also some factual confusion.
The Fed has just announced that it will introduce its central bank digital currency (CBDC) “FedNow” in July. CBDCs grease the slippery slope to financial slavery and political tyranny.
Although cash transactions are anonymous, a #CBDC It will allow the government to monitor all our private…
— Robert F. Kennedy Jr. (@RobertKennedyJr) April 5, 2023
“The Federal Reserve has just announced that it will introduce its Central Bank Digital Currency (CBDC) ‘FedNow’ in July,” Kennedy began. While the Federal Reserve said it will launch the FedNow instant payment system in July, it will not be a CBDC and is often seen as a competitor to a possible future government-backed CBDC.
The Federal Reserve has repeatedly stated that it would issue a CBDC only with a mandate from Congress.
In line with many opponents of CBDCs, Kennedy paints the worst-case scenario of a “CBDC tied to digital ID and social credit score,” without taking into account the many design options for a privacy-protecting CBDC. The introduction of FedNow “is the first step to ban and confiscate bitcoins like the Treasury did gold 90 years ago today in 1933,” he concluded.
Related: CBDCs ‘Threat Fundamental Freedoms of Americans’ – Cato Institute
Kennedy is far from alone in his opposition to CBDC. However, many CBDC opponents are on the right. Florida Republican Gov. Ron DeSantis, who many expect to enter the 2024 presidential race, stated in a speech that “central bank digital currency is about policing Americans and controlling American behavior.” Republican Rep. Tom Emmer introduced the state’s CBDC Anti-Surveillance Act in Congress in February. Senator Ted Cruz has also introduced a bill to block the development of a retail CBDC.
Massachusetts Democratic Senator Elizabeth Warren is running for re-election on a strong anti-crypto platform. She is arguably the most outspoken opponent of cryptocurrency in the US Congress, but she has been vocal in her support for CBDC. In light of her intention to announce her candidacy in Boston and her family’s strong ties to the state, it seems likely that Kennedy would also run for Massachusetts.
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