Robert F. Kennedy Jr. filed paperwork with the US Federal Election Fee on April 5 to run as a Democratic presidential candidate in 2024, in keeping with a number of information studies. He’s anticipated to formally announce his candidacy on April 19 in Boston, Massachusetts. As studies of his candidacy unfold, Kennedy tweeted his place on central financial institution digital foreign money (CBDC).
Kennedy, the nephew of former U.S. President John F. Kennedy and son of former U.S. Legal professional Common Robert F. Kennedy, is an environmental lawyer who gained notoriety as an anti-vaccination activist. By operating for the Oval Workplace, he would problem present President Joe Biden, additionally a Democrat.
Additionally on April 5, Kennedy posted a tweet on the perceived risks of CBDC. Whereas CBDC is turning into an more and more political subject in the US, Kennedy’s assertion stood out for its bluntness. There was additionally some factual confusion.
The Fed simply introduced it is going to introduce its “FedNow” Central Financial institution Digital Foreign money (CBDC) in July. CBDCs grease the slippery slope to monetary slavery and political tyranny.
Whereas money transactions are nameless, a #CBDC will enable the federal government to surveil all our non-public…
— Robert F. Kennedy Jr (@RobertKennedyJr) April 5, 2023
“The Fed simply introduced it is going to introduce its ‘FedNow’ Central Financial institution Digital Foreign money (CBDC) in July,” Kennedy started. Whereas the Federal Reserve mentioned it is going to launch the FedNow instantaneous cost system in July, it won’t be a CBDC and is usually seen as a competitor to a possible future government-backed CBDC.
The Federal Reserve has repeatedly said that it could subject a CBDC solely with a Congressional mandate.
Consistent with many opponents of CBDC, Kennedy paints a worst-case state of affairs of a “CBDC tied to digital ID and social credit score rating,” disregarding the quite a few design choices for a privacy-protecting CBDC. The introduction of FedNow “is step one in banning and seizing bitcoin because the Treasury did with gold 90 years in the past at present in 1933,” he concluded.
Associated: CBDCs ‘threaten Individuals’ core freedoms’ — Cato Institute
Kennedy is much from alone in his opposition to CBDC. Many CBDC opponents are on the Proper, nevertheless. The Republican governor of Florida, Ron DeSantis — whom many anticipate to enter the 2024 presidential race — said in a speech that “the central financial institution digital foreign money is all about is surveilling Individuals and controlling habits of Individuals.” Republican Consultant Tom Emmer launched the CBDC Anti-Surveillance State Act into Congress in February. Senator Ted Cruz has additionally launched a invoice to dam the event of a retail CBDC.
Massachusetts Democratic Senator Elizabeth Warren is operating for reelection on a robust anti-cryptocurrency platform. She is presumably probably the most vocal opponent of cryptocurrency in U.S. Congress however has expressed her help for CBDC. In gentle of his intention to announce his candidacy in Boston and his household’s sturdy ties to the state, Kennedy additionally appears prone to run as a candidate from Massachusetts.
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