Democratic presidential candidate Robert F. Kennedy Jr., who has extended support to Bitcoin donations, is an investor in the asset class. Kennedy’s recent financial disclosure form, filed on June 30, revealed that his family had invested between $100,001 and $250,000 in Bitcoin.
The filings come after the Candidate said at a Bitcoin conference in Miami that he was not an investor, pushing a conflict of interest debate.
Robert Kennedy Bitcoin Holdings Under the Microscope
Kennedy’s recent financial disclosure that his family holds bitcoin in a brokerage account has created a conflict of interest debate. A report by CNBC recently revealed that his investments are valued between $100,001 and $250,000.
Kennedy’s campaign manager, former Democratic Representative Dennis Kucinich, told the paper that the Bitcoin investments were made after Kennedy’s Miami speech but before the filing deadline.
There might be a potential conflict of interest, claims Virginia Canter to CNBC. Canter is the principal ethics counsel at Citizens for Responsibility and Ethics in Washington. If Kennedy supports Bitcoin throughout his campaign while his immediate family members own the investments, the official claims this might be true.
Kucinich disagrees with the analysis and tells the paper, “There is no conflict here.”
Many Crypto Players Backing Robert Kennedy
Being the nephew of President John F. Kennedy and his ardent support for Bitcoin made Robert F. Kennedy Jr. well-known ahead of the elections.
BeInCrypto previously noted that Jack Dorsey, co-founder of Twitter, has publicly endorsed Kennedy Jr. as a presidential candidate. Dorsey had hinted that the Democratic National Committee’s resistance to Kennedy’s candidacy made it even more appealing.
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Kennedy has promoted Bitcoin based on its core principle of decentralization.
Meanwhile, he has expressed skepticism toward Central Bank Digital Currencies (CBDCs). He has also voiced concerns about the FedNow real-time settlement system.
He claims it is a precursor to a US CBDC that aligns with the Biden administration’s anti-cryptocurrency agenda.
U.S. Regulatory Landscape Heats up
The U.S. regulatory picture appears more ambiguous after the securities regulator filed litigation against cryptocurrency giants Coinbase and Binance.
Former Securities and Exchange Commission (SEC) Chair Jay Clayton, among many others have voiced their worries. The SEC’s emphasis on quickly pursuing legal action was criticized by Clayton, who also called attention to the possibility of overreach.
In contrast, certain Asian and UAE nations, including Singapore, Dubai, and Thailand, have adopted rigorous crypto regulations while maintaining a much more neutral position than the U.S. SEC.
According to the Thailand watchdog, platforms must give a disclosure statement explaining the dangers involved in cryptocurrency trading. But, it has also outlawed services that include lending and borrowing cryptocurrency.
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