Former US president calls crypto a ‘catastrophe ready to occur’
In an interview with Fox Business launched at present, former U.S. President Donald Trump was questioned about his views on the well being of the Wall Street markets, the present administration’s progress, in addition to the potential of Bitcoin and the cryptocurrency market.
In response to the latter query, the previous President acknowledged: “I like the currency of the United States, but I think the others are potentially a disaster waiting to happen.” He continued:
“They may be fake. Who knows what they are? They [cryptocurrencies] are certainly something that people don’t know very much about.”
He additionally spoke of defending the sovereignty of the US Dollar as first precedence, relatively than advancing the stagnant monetary system and greedy the overwhelming advantages that crypto and blockchain applied sciences have to supply.
Despite these less-than-favorable feedback, crypto costs appeared unaffected at time of publication. Bitcoin (BTC) has recorded a decline of 1.17% for the day, Ethereum (ETH) has risen 6.30%, while the third-ranked asset Cardano (ADA) is down 1.1%.
In distinction, present US President Joe Biden has adopted a seemingly extra favorable stance on the cryptocurrency area, but nonetheless stays diligently cautious.
Earlier this yr, President Biden appointed former chairman of the Commodity Futures Trading Commission, or CFTC, Gary Gensler as the brand new Securities and Exchange Commission’s, or SEC, lead.
Related: SEC reportedly contracts blockchain analytics agency to watch DeFi business
Gensler has up to now adopted a stern regulatory strategy which focuses on putting a stability between aiding innovation and defending the pursuits of market contributors.
Earlier this month, Gensler expressed his beliefs that the market wants “additional authorities to prevent transactions, products, and platforms from falling between regulatory cracks,” in addition to “more resources to protect investors in this growing and volatile sector.”