Kennedy Jr. says about “an extra-legal war” of US regulators on cryptocurrencies

In particular, the politician noted the misconduct of the FDIC and the SEC

05.05.2023 - 15:25

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3 min

What’s new? Attorney and member of the US Democratic Party Robert Francis Kennedy Jr. criticized the actions of regulators in the digital asset sector. He said that the Federal Deposit Insurance Corporation (FDIC) and the Securities and Exchange Commission (SEC) “have no authority to wage an extra-legal war on crypto.” The politician noted that as a result, this confrontation, “leaves major banks as collateral damage.”

Ellen Brown makes a strong case the FDIC/SEC war on crypto caused failures of SVB, Signature, and Silvergate banks. FDIC and SEC have no authority to wage an extra-legal war on crypto that leaves major banks as collateral damage. #Kennedy24 https://t.co/HMZuW7Rr1H — Robert F. Kennedy Jr (@RobertKennedyJr) May 2, 2023

More details about the politician’s position. Kennedy Jr. cited an article by Ellen Brown, an author, attorney, and founder of the Public Banking Institute, in which she, he said, “makes a strong case” that US regulators’ war on cryptocurrencies caused the collapse of Silicon Valley Bank (SVB), Signature, and Silvergate. In her article, Brown writes that “Federal usurpation of state banking regulation not only drives cryptocurrency innovation abroad but kills innovation in local economic.”

In April, Kennedy Jr. said that the launch of the digital dollar would lead the country into “financial slavery and political tyranny” because the central bank would have the ability to monitor transactions and control how the digital dollar is used.

Kennedy Jr. is the nephew of the 35th President of the United States, John F. Kennedy, and is also a contender in the 2024 presidential election from the Democratic Party.

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Earlier, Kristin Smith, the CEO of the Blockchain Association, a lobbying group, spoke about US lawmakers’ war against the crypto industry, noting that the standoff will last more than a year. She singled out SEC Chairman Gary Gensler and Massachusetts Democratic Senator Elizabeth Warren as the main opponents of the digital asset sector.

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