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
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