Independent U.S. presidential candidate Robert F. Kennedy Jr. has vowed to end what he describes as regulatory hostility towards cryptocurrencies if elected. Speaking at the Consensus conference on May 30, Kennedy emphasized the importance of maintaining America’s position as a global leader in blockchain technology and safeguarding "transactional freedom" for Americans.

“We need sovereignty over our own wallets and transactional freedom,” Kennedy told reporters. He argued that decentralized currencies are essential to protect against totalitarianism, citing the Canadian government’s 2022 decision to freeze fiat and crypto assets of "Freedom Convoy" protesters over trucker vaccine mandates. This action was later deemed unreasonable and unconstitutional by Canada’s Federal Court in January.

Kennedy criticized the Biden administration’s approach to Bitcoin and other cryptocurrencies, claiming that stringent U.S. regulations are driving innovative companies abroad to countries like Switzerland and Singapore. “The hostility of the Biden administration to Bitcoin is driving this technology abroad,” Kennedy stated. He emphasized the need for America to remain the hub of blockchain technology.

If elected, Kennedy promised to end the Federal Reserve's and other regulatory bodies' antagonism towards cryptocurrencies. He pledged to ensure that cryptocurrencies are regulated to protect consumers from malicious schemes without stifling innovation. “I’m going to make sure that cryptocurrencies are regulated in ways that protect the consumer from malicious schemes and pump-and-dump schemes,” he said. “Truly decentralized currencies should be encouraged, and we should be encouraging the flow of capital into those currencies. I’m going to do that as president.”

Kennedy's stance comes amidst a backdrop of increasing regulatory scrutiny from U.S. authorities. The Securities and Exchange Commission (SEC) has launched multiple lawsuits against crypto firms, alleging violations of securities laws. Meanwhile, the Federal Deposit Insurance Corporation (FDIC) has expressed concerns over digital asset risks, describing them as "novel and complex" in its 2023 risk review report. Additionally, the Federal Reserve has heightened oversight of banks' relationships with crypto companies.

Kennedy’s crypto-friendly stance contrasts sharply with the regulatory landscape and echoes sentiments recently expressed by other political figures. Former President Donald Trump, now a convicted felon and presidential candidate, also pledged to make the future of crypto U.S.-centric if elected.

Despite his ambitious platform, Kennedy faces a challenging path to the presidency. According to May 30 FiveThirtyEight polls, Kennedy is polling at 9.8%, trailing behind frontrunners Donald Trump at 41.2% and President Joe Biden at 39.5%. His favorability has also dipped, with 42% of respondents holding an unfavorable opinion of him, although this is still lower than Trump's 53.7% and Biden's 55.5% unfavorability ratings.

The U.S. presidential election is slated for November 5, and as candidates outline their platforms, the future of cryptocurrency regulation remains a significant issue for the tech and financial sectors. Kennedy’s promise to foster a more welcoming environment for cryptocurrencies aims to resonate with voters concerned about innovation, financial freedom, and maintaining America's technological leadership.