<p>U.S. Presidential candidate Robert F. Kennedy Jr. recently cautioned about an impending economic “mega-crisis,” emphasizing that it extends beyond the banking collapse. The nephew of President John F. Kennedy and son of U.S. attorney general Robert F. Kennedy, Kennedy Jr. has also criticized President Joe Biden’s cryptocurrency mining tax proposal as detrimental to innovation.</p><p>Kennedy Jr. took to Twitter to express his concern about the deteriorating state of the U.S. economy.</p><figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper"><blockquote class="twitter-tweet"><p>Cryptocurrencies, led by bitcoin, along with other crypto technologies are a major innovation engine. It is a mistake for the U.S. government to hobble the industry and drive innovation elsewhere. Biden’s proposed 30% tax on cryptocurrency mining is a bad idea. 🧵</p>— Robert F. Kennedy Jr (@RobertKennedyJr) <a href="https://twitter.com/RobertKennedyJr/status/1653808786577010697?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 3, 2023</a></blockquote></div></figure><p>He noted job openings declining for three consecutive months and core factory orders falling for two straight months, underlining the impact of inflation on the middle and working classes. He also urged the need to focus on rebuilding the nation.</p><p>Reacting to President Biden’s statement that the banking system is “safe and sound,” Kennedy Jr. drew attention to the plummeting bank stocks.</p><p>He called for more than just “glib assurances and perception management” from the administration. In addition, the presidential candidate criticized the bailout system, asserting that it encourages banks to take risks with depositors’ money, knowing taxpayers will foot the bill if they fail.</p><h2 id="biden-s-crypto-mining-tax-proposal-under-fire">Biden’s crypto mining tax proposal under fire</h2><p>Kennedy Jr. has also slammed President Biden’s proposed Digital Asset Mining Energy (DAME) excise tax, calling the 30% tax on cryptocurrency mining a “bad idea.” He argued that cryptocurrencies and related technologies are significant drivers of innovation and that the government’s efforts to curb the industry could push innovation elsewhere.</p><p>Kennedy Jr. acknowledged that while some advocate for tight control over cryptocurrencies to prevent criminal use, privacy is also important for dissidents and ordinary citizens. He stressed that governments could suppress dissent and harass enemies by controlling bank accounts and payment platforms. Kennedy Jr. emphasized the need for cash and crypto to ensure freedom until trust in the government is restored.</p>

Presidential candidate Robert Kennedy Jr. highlights banking collapse, criticizes Biden’s crypto tax proposal

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