- It is well known that Donald Trump is not a fan of the leading crypto, nor any digital assets within the industry.
- In July last year, he took to Twitter to comment on the asset saying that it is not money and is based on thin air only.
It is well known that the United States President Donald Trump is not a fan of the leading cryptocurrency, nor any digital assets within the industry. In July last year, he took to Twitter to comment on the asset saying that it is not money and is based on thin air only.
I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity....
— Donald J. Trump (@realDonaldTrump) July 12, 2019
Now, according to the former national security adviser, John Bolton, Trump has wanted to take his dislike of bitcoin to the regulatory level.
According to an article from the 18th of June in Forbes about Bolton’s new book, he reveals that he heard Trump tell the Treasury Secretary Steven Mnuchin ‘to go after bitcoin’ in a conversation between him regarding trade sanctions and tariffs against China in May 2018.
Following his above tweets in July last year, the treasury Secretary backed up the president's position on bitcoin and said that the White House was looking at all of the crypto assets and claimed that bitcoin, among other alternative virtual currencies, are used for money laundering more often than it is cash.
In fact, looking at February this year, Mnuchin said at a hearing that he would be announcing some significant new requirements for cryptocurrencies with the financial crimes enforcement network. This could lead to some several issues within the industry but the new requirements seem to be put in place in order to prevent money laundering.
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!