coinedition.com
U.S. Presidential Aspirant Robert F. Kennedy Jr recently spoke out in support of Bitcoin, saying the cryptocurrency is “not so bad for the environment.” Reacting to an analysis on Twitter, Robert F. Kennedy Jr, who is also an environmental lawyer, further said, “Environmental argument should not be used as a smokescreen to curtail freedom to transact.”
Interesting argument that bitcoin not so bad for the environment after all. At the very least, environmental argument should not be used as smokescreen to curtail freedom to transact. #Kennedy24https://t.co/0BNbIJ9eoD
— Robert F. Kennedy Jr (@RobertKennedyJr) July 30, 2023
Environmental concerns are one of the foremost issues raised by blockchain critics. These concerns also made Ethereum switch from a proof-of-work blockchain to a proof-of-stake blockchain. That way, the blockchain substituted its energy-intensive mining process for validators.
Kennedy Jr., who is an aspirant under the Democratic Party, is an avid supporter of cryptocurrencies. With the elections rapidly approaching, he has been listed as one of the candidates with soft spots for the crypto ecosystem. Not only that, but he also purchased Bitcoin for his children, taking his cryptocurrency advocacy beyond mere speculations.
He and Ron DeSantis are strong contenders against incumbent President Joe Biden for the Democratic Party Presidential Ticket. While Kennedy Jr. and DeSantis are bullish on cryptocurrencies, Biden, on the other hand, has maintained a wary stance on cryptocurrencies. Under his administration, the crypto ecosystem has seen stricter regulation and scrutiny, forcing many crypto entities to seek legal action.
Biden’s administration also saw the introduction of a proposed 30% tax on cryptocurrency mining, a move likely to discourage mining activities in the country. Further, the 2023 Economy Report of the President also downplayed the appeal and claims of crypto institutions. According to the report, cryptocurrencies are risky speculative investment vehicles.
In related news, the U.S. SEC and CFTC have recently taken legal action against major crypto companies like Ripple, Binance, and Coinbase. Earlier today, Coinbase’s CEO Brian Armstrong revealed that the SEC had asked the crypto exchange to delist all its listed tokens except Bitcoin before it started a legal suit against it.