The first libertarian candidate of this year’s U.S. presidential race, Adam Kokesh has appointed Alastair Caithness as his chief blockchain policy advisor to work on developing a sovereign cryptocurrency.

Caithness will focus on the development of the so-called AmeriCoin, which will be pegged to all the Federal government’s assets, including the U.S. government’s substantial land, energy, gold, timber and mineral reserves, as reported by Associated Press.

Kokesh is aiming to create a new decentralised monetary system with Americoin. With this system, people will receive universal basic income and compensation for current government tax and policing policies, reports Coin Telegraph.

Caithness previously developed the oil and gas security token called ZiyenCoin, which is associated with the development of blockchain and the Internet of Things within the oil sector.

The blockchain policy advisor is of the opinion that AmeriCoin will transform the U.S. landscape and secure citizens’ financial freedom.

Caithness 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.”

Beforehand, a senior fellow at libertarian think tank, Competitive Enterprise Institute, John Berlau criticised the U.S. Securities and Exchange Commission’s stance in terms of regulating cryptocurrencies.

Berlau stated that the potential for blockchain technology and digital currencies has been stifled by “burdensome regulation” which could impact retail investors.

He said: “Deeming cryptocurrency as a ‘security’ could put cryptocurrency out of the reach of middle-class investors because of the same red tape — both from SEC regulations and from financial regulation laws such as the Sarbanes-Oxley Act of 2002 and the Dodd-Frank Act of 2010 — that has hindered small investors’ access to stock in early stage growth companies.”