CORRECTION: Clarified RFK Jr.’s comments about bitcoin rather than cryptos in general.

Robert F. Kennedy Jr., the Democratic presidential candidate in the United States, announced a plan that would exempt bitcoin from capital gains taxes when it was converted to U.S. Dollars and begin backing up greenbacks with “real finite resources” such as gold and silver.

Kennedy stated that backing dollars and U.S. obligations with hard assets would help to restore the strength of the dollar and rein in inflation. It could also usher in an era of financial stability, peace, and prosperity in America. He said he would begin the process by backing “very small amounts, perhaps only 1% of T-bills issued” with hard currencies such as gold, silver, platinum, or bitcoin.

He also reiterated his commitments he made in May at a conference, defending the rights to self-custody Bitcoin, running blockchain nodes from home, and promising an industry-neutral regulation of energy.

TheStreet was the first to report this story .

Kennedy said that the benefits of the program include encouraging innovation, spurring investment and ensuring privacy for citizens. It also encourages ventures to expand their businesses and create tech jobs here in America rather than in Singapore or Switzerland.

The Internal Revenue Service (IRS) treats bitcoin as a property or investment, not currency. This means that it is subject to capital gains . The Securities and Exchange Commission has been cracking down on the industry . Crypto companies have been calling for more regulatory clarity for months, and are looking to see if a ruling against the SEC in its lawsuit with Ripple will lead to a change in approach.