Robert F. Kennedy Jr. Plan to Bring U.S. Budget to Blockchain in 2024 Election Bid

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U.S. presidential candidate Robert F. Kennedy Jr. has recently promoted Bitcoin as “freedom tech” at ETHDenver. Prior to the presidential election, he has strongly opposed the policies of the USA on central bank digital currency (CBDC). In fact, he has repeatedly given importance to transactional freedom. According to Kennedy, Bitcoin is one of the most essential means by which the middle class can be self-reliant and green funding can be possible. If he wins, he would enforce tax-free transactions on small releases, support cryptocurrency, and oppose CBDCs.

Read more: CBDCs Are Dangerous, Bitcoin Is The Way To Go: RFK Jr. Issues Warning

Following this address, he has publicly made another significant proposal regarding blockchain.  

Kennedy Jr.’s Vision for Transparent Government Spending via Blockchain

Robert F. Kennedy Jr. has a major proposal for enhancing transparency in U.S. government spending. By winning the presidential election, he aims to utilise blockchain technology to place the entire U.S. budget on a blockchain. 

This shall enable the public to easily track any ongoing budget item. In fact, he believes that this transparency is extremely necessary to empower the U.S. citizens. They can identify and question wasteful or questionable expenses like spending $16,000 on a toilet seat. Hence, the government expenses will be on their toes to misuse the citizens’ taxes.

Kennedy Jr.’s Views on Bitcoin and Central Bank Digital Currencies (CBDCs)

Kennedy Jr. has always been a keen supporter of Bitcoin, referring to it as a “hard currency.” His vision of Bitcoin as an alternative to traditional banking systems highlights its function in helping citizens have more financial freedom. Moreover, he praises BTC’s resistance to inflation and ability to reduce governmental control and banking monopolies over individual finances.

However, Kennedy Jr. still has reservations about central bank digital currencies (CBDCs). He warns that they potentially enable the government to monitor its citizens’ financial activities more closely. Hence, they act to impose restrictions about how and where money can be spent.

Crypto Regulations Face Uncertainty in 2024

The U.S. government’s approach to crypto remains uncertain for 2024. Despite expectations for regulations and court rulings, clear guidelines are difficult to find because of political divisions and the upcoming election year. 

Even if the SEC approves bitcoin ETFs, major legal battles with platforms like Coinbase and Kraken, and the Ripple vs SEC lawsuit, continue. Rep. Patrick McHenry’s departure adds to the uncertainty for crypto regulations. Industry leaders expect ongoing regulatory enforcement, with many looking to court decisions for clarity on the legality of digital assets.

Read more: Crypto vs SEC: Can Robert F. Kennedy Jr Influence SEC’s Approach to Crypto?