The first Libertarian candidate at the 2020 U.S presidential race, Adam Kokesh wants to have an American sovereign cryptocurrency in place. The presidential candidate appointed Alastair Caithness as his chief Blockchain policy advisor, as he works on the development of the coin dubbed ‘AmeriCoin’.
Caithness will focus on the development of a digital coin pegged to all the assets of the federal government. These assets will include the U.S government’s substantial land, timber, energy, and mineral reserves according to an associated press report on March 11.
Centralized system a hindrance to the American dream
The libertarian candidate envisions a new decentralized monetary system backed by AmeriCoin. The digital coin will see citizens receive universal basic income as well as compensation for existing governmental tax and policing policies. According to Kokesh, institutional failures prevent Americans from achieving the much popularized ‘American dream ‘. He, therefore, believes that AmeriCoin will help transform America economically by freeing the people from the failures of the centralized monetary system. He stated:
“AmeriCoin has the potential to restore liberty to all people in the United States, and we are building a dream team of Blockchain experts to join me in developing this important project. There is no better way to return power to the American people than by democratizing ownership of the Federal government’s assets through tokenization.”
The Libertarian camp has been having a hard look at the financial system with the advent of cryptocurrencies and Blockchain technology. John Berlau, a senior fellow at libertarian think tank, Competitive Enterprise Institute, has previously criticized the SEC. Berlau criticized the regulator by claiming that the Blockchain and cryptocurrencies were transformative technologies by stunted by the body’s “burdensome regulation”.
Berlau argues that government interference hinders innovation and prevents entrepreneurs from experimenting and taking risks with new technologies.
Crypto and politics
Everyone is focused on the Biden versus Bernie nomination showdown when it comes to the presidential race slated for November. The Bernie campaign has received praise for some of the economic relief proposals it is fronting. Kokesh’s crypto-backed proposal has not received anywhere near that kind of publicity. Recently primary dropout Andrew Yang was also big on Blockchain technology. Openly pro-crypto candidates have been getting little or no support and publicity. It is not clear whether this is a reflection of the candidates themselves or a societal lack of knowledge of cryptocurrencies and how they can better lives.