Multiple news sources report that RFK Jr. filed paperwork with the United States Federal Election Commission on April 5 to run as a Democratic presidential candidate in 2024. On April 19 in Boston, Massachusetts, he is anticipated to declare his candidacy officially. Kennedy tweeted his stance on central bank digital currency (CBDC) as rumors of his candidacy spread.
Kennedy, the cousin of former U.S. President John F. Kennedy and son of former U.S. attorney general Robert F. Kennedy, is an environmental advocate who rose to prominence as an anti-vaccination activist. By running for president, he would challenge incumbent Democratic President Joseph Biden.
Also on April 5, Kennedy tweeted about the alleged risks of CBDC. While CBDC is becoming an increasingly political issue in the United States, Kennedy’s frankness made his statement stand out. There was also some confusion about the facts.
Kennedy began by stating, “The Fed has just announced that it will introduce its ‘FedNow’ central bank digital currency (CBDC) in July.” While the Federal Reserve has announced that it will launch the FedNow instant payment system in July, it will not be a CBDC and is frequently viewed as a potential competitor to a future government-backed CBDC.
The Federal Reserve has repeatedly stated that it would only issue a CBDC if directed to do so by Congress.
Kennedy, like many CBDC opponents, depicts the worst-case scenario of a “CBDC attached to digital ID and social credit score” while ignoring the numerous design options for a CBDC that protects privacy. He concluded that the introduction of FedNow “is the first step in prohibiting and confiscating bitcoin, just as the Treasury did with gold 90 years ago today.”
Kennedy is far from the only opponent of CBDC. However, many CBDC opponents are on the right. Ron DeSantis, the Republican governor of Florida, who is widely expected to run for president in 2024, stated in a speech that “the central bank digital currency is all about monitoring and regulating the behavior of Americans.”
In February, Republican Representative Tom Emmer introduced the CBDC Anti-Surveillance State Act to Congress. Senator Ted Cruz has also introduced legislation to prevent the establishment of a CBDC for retail sales.
Elizabeth Warren, a Democrat from Massachusetts, is vying for re-election on a firm anti-cryptocurrency platform. She is likely the most outspoken opponent of cryptocurrencies in the United States Congress, but she has expressed support for CBDC.
Kennedy is likely to run as a candidate from Massachusetts, given his intention to proclaim his candidacy in Boston and his family’s extensive connections to the state.
