Kennedy officially declared his 2024 presidential bid last month. He stated that the Federal Deposit Insurance Corporation (FDIC) and the Securities and Exchange Commission (SEC) have "no authority to wage an extra-legal war on crypto that leaves major banks as collateral damage."

Kennedy cited an article by Ellen Brown titled "How the War on Crypto Triggered a Banking Crisis," in which Brown makes a "strong case" that a government-sponsored campaign against the digital assets sector was responsible for several historic bank failures in March, including Silicon Valley Bank, Signature Bank, and Silvergate Bank.

It is debatable whether there is a coordinated attempt to remove cryptocurrency from the American financial system. According to Barney Frank, an ex-congressman who served on the board of directors of Signature Bank, “the institution was shut down to send an anti-crypto message.” These assertions were later denied by a New York regulator.. On May 2, Kennedy criticized Biden on May 2 for calling the US banking system "safe and sound.” “Today, bank stocks are crashing. The American people deserve more than glib assurances and perception management,” he tweeted.

Following this, on May 3, he criticized the Biden administration's proposed tax on crypto mining. An environmental lawyer, Kennedy called the proposed 30% tax on energy used by crypto miners "a bad idea" He said mining's energy use was a concern (though somewhat overstated), stating, “The environmental argument is a selective pretext to suppress anything that threatens elite power structures, Bitcoint for example.”

Days after Kennedy's anti-CBDC comments, the Federal Reserve clarified its position, stating that the FedNow payments system, which Kennedy claimed to equate with a CBDC, is neither a digital currency nor a replacement for cash.

While some Democrats, such as Elizabeth Warren, have repeatedly criticized cryptocurrency and made it a centerpiece of their political platforms, others, such as New York City Mayor Eric Adams, have been outspoken in their support for the emerging asset class.