Donald J. Trump tweeted Thursday that he is "Not a fan" of cryptocurrencies, saying they were "Not money" and referencing their price volatility relative to the dollar in his first public comments on crypto since becoming president of the United States.
"If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National  and International."
Trump has criticized Facebook in the past for its actions in banning right-wing figureheads, alongside other social media outlets.
To date he has not discussed Facebook's cryptocurrency plans.
Regulators and lawmakers across the U.S. have taken notice of Libra, with both the U.S. Senate Banking Committee and the House Financial Services Committee scheduling hearings next week with Facebook's blockchain lead David Marcus.
The Senate committee in particular has previously expressed concerns about Facebook's track record with user data and privacy, writing an open letter to the company in May. Marcus responded to the letter earlier this week, telling the lawmakers that Facebook would not itself collect any personal financial credentials.
Financial stability is also a factor that Powell addressed, with lawmakers in both houses questioning the fact that Facebook has set up an entity in Switzerland affiliated with the project.
Facebook declined to comment on Trump's comments.
In his tweets Thursday, Trump took aim at the potential for using cryptocurrencies in illegal activities, citing drug trafficking in particular.
While Trump himself had yet to weigh in on cryptocurrencies prior to Tuesday, his Treasury Secretary has been a strong proponent of greater cryptocurrency regulations.
US President Donald Trump Says He's 'Not a Fan' of Bitcoin
Published on Jul 12, 2019
by Coindesk | Published on Coinage
Mentioned in this article
Research finds Bitcoin and Litecoin halvings do not impact price
Contrary to the popular media narrative, new research finds that Bitcoin and Litecoin prices are unimpacted by block reward halvings.
Libra's Biggest Problem
Among the barrage of commentary accompanying the Libra circus on Capitol Hill last week was a single short tweet from lawyer Marco Santori that summed up the core problem confronting Facebook's cryptocurrency project - and, for that matter, any corporate-led effort of its kind.
Crypto and FB's Libra Are Bridges to a Bitcoin World, Says Tim Draper
Bitcoin will be the ultimate benefactor from interest in Facebook Libra and cryptocurrencies, billionaire Tim Draper has said.
Craig Wright's misinformed attempt at scaling Bitcoin, BSV frivolously increasing block size to 2GB
In Craig Wright's latest marketing attempt, Bitcoin SV will increase its block size cap from 128MB to 2GB. The upgrade will make BSV less secure, more centralized, and more costly for infrastructure providers to maintain.