Full Video: Kennedy Announces Plan to Back Dollar With Basket of Precious Metals and Bitcoin, End Bitcoin Taxes
Speaking at a Heal-the-Divide PAC event, RFK Jr. announced bitcoin-focused policies he would enact as president, such gradually backing the U.S. dollar with bitcoin and precious metals and making bitcoin-to-dollar conversions exempt from U.S. taxes.
Key Talking Points
- Kennedy proposed backing just a small portion, even 1% of Treasury bills, with a basket of hard currencies including gold, silver, platinum and bitcoin
- From that small initial allocation, depending on the outcome, he plans on increasing that allocation annually to slowly retransition the dollar back to being backed by hard currency
- Kennedy believes backing dollars and U.S. debt obligations with hard assets could help restore strength back to the dollar, reign in inflation, and usher in a new era of American financial stability, peace and prosperity by reinforcing the dollar’s eroding position as the world reserve currency
- Kennedy also announced he would exempt the conversion of bitcoin to the U.S. dollar from capital gains taxes, which would encourage adoption and make it more difficult for governments to weaponize currency against free speech
- Kennedy said fiat currency was created to fund wars by creating new money as a hidden tax, and that a hard currency would mean leaders would have to show Americans the real cost of our global wars
- In addition to these new policies, Kennedy also restated several prior bitcoin goals, such as to:
- Ensure the right to Bitcoin self-custody, meaning that one’s wallet is one’s own;
- Ensure the right to run nodes in one’s home;
- Adopt a policy of industry-neutral regulation of energy to promote energy abundance for crypto operations;
- Secure U.S. position as the global hub of cryptocurrency innovation, investment and technology, and will encourage Bitcoin mining as a means to incentivize greater investments in green and renewable energy production;
- Clarify and enforce"sensible jurisdiction and governance," recognizing that bitcoin is not a security and should not be regulated as one;
- Consider pardoning Silk Road founder Ross Ulbricht and others like him, by quickly examining whether prosecutors and regulators are pursuing people for actual crimes or violations, or instead using prosecution as a means to crack down on bitcoin and crypto adoption;
- Stop the federal government from usurping 1st Amendment rights for open-source privacy-enhancing technologies. Software code is free speech (‘96 Bernstein v DOJ);
- Stop bank regulators such as the FDIC, OCC and Federal Reserve from penalizing banks through operations such as Choke Point 2.0 for providing services to companies legally operating digital asset businesses
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