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Congressman Turns On Top Donor? Launches Attack On Crypto

U.S. Presidential Candidate Robert Kennedy stirred a heated debate after bashing the Biden administration over its crypto policy. Kennedy is running on a pro-Bitcoin and digital asset platform and attracting attention due to his view of the nascent industry as a “major innovation engine.”

In that sense, members of the U.S. Congress have been reacting to Kennedy’s message. Most noticeable, Brad Sherman, a Representative for the state of California and a member of the House of Foreign Affairs Committee reacted to Kennedy’s confirmation of attendance at The Bitcoin Conference.

One of the most important and oldest events in the nascent industry, The Bitcoin Conference gathers pro-Bitcoin supporters and speakers worldwide to share their views on regulations, development, finance, and more. On Kennedy’s participation, Sherman stated:

60 years ago, the late great Robert F. Kennedy RFK went after tax evaders as U.S. attorney general. Today, his son is slated to speak at a conference for tax evaders.

U.S. Congressman Attacks His Pro-Crypto Allies

As a pseudonym user stated, by referring to crypto companies as “tax evaders,” Sherman attacked Fidelity. The asset manager has been integrating Bitcoin into their products and supporting other crypto-based initiatives, including an exchange platform.

In addition, Fidelity has been easing access to Bitcoin-based retirement plans for U.S. citizens and contributing to adopting the new asset class. For their efforts, the company has been attacked by key members of the U.S. Congress, including Senator Elizabeth Warren, who classified these products as “too risky” for the American public:

in pointing to the risks of investing in Bitcoin on its website and planning to cap plan participants’ Bitcoin exposure to 20 percent, Fidelity is acknowledging it is well aware of the dangers associated with investing in Bitcoin (…).

Sherman is following a similar path but endangers losing the support of his second-biggest contributor over the past three years. As seen in the chart below, from 2021 to 2022, Fidelity gave a total of $21,750, totaling around 10% of the $278,000 received from the Securities and Investment industry over the same period.

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Brad Sherman’s contributors summary. Source: Open Secrets

Rober Kennedy, The Crypto Savior

If Kennedy’s efforts are successful, his presidential campaign could absorb the donations from Fidelity and other major players in the industry. Crypto exchanges like Coinbase, Kraken, and others have been under pressure from U.S. regulators.

Thus, supporting Kennedy could allow them to create a counterweight and fight back against the current administration’s efforts to shut down crypto from the financial world. In the crypto community, some have dubbed these efforts against the nascent industry “Operation Chokepoint 2.0,” can Kennedy become the solution for the regulatory environment against crypto in the U.S?

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BTC’s price with small profits on the daily chart. Source: BTCUSDT Tradingview

Cover image from Unsplash, chart from Tradingview

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