Former US President calls crypto ‘disaster to come’

[ad_1]

In an interview with Fox Business published today, former US President Donald Trump was asked about his views on the health of Wall Street markets, the progress of the current administration, as well as the potential of Bitcoin and of the cryptocurrency market.

In response to that last question, the former president said: I love the currency of the United States, but I think the others are potentially a disaster waiting to happen. He continued:

They can be wrong. Who knows what they are? They [cryptocurrencies] are definitely something that people are not very familiar with.

He also spoke of protecting the sovereignty of the U.S. dollar as a top priority, rather than advancing the stagnant financial system and seizing the massive benefits that crypto and blockchain technologies have to offer.

Despite these unfavorable comments, crypto prices did not appear to be affected at the time of publication. Bitcoin (BTC) was down 1.17% for the day, Ethereum (ETH) was up 6.30%, while the third asset Cardano (ADA) was down 1.1%.

In contrast, current US President Joe Biden has taken a seemingly more favorable stance in the cryptocurrency space, while still remaining very cautious.

Earlier this year, President Biden appointed Gary Gensler, former chairman of the Commodity Futures Trading Commission, or CFTC, to head the new Securities and Exchange Commissions, or SEC.

Related: SEC Reportedly Hired Blockchain Analytics Firm to Monitor DeFi Industry

Gensler has so far adopted a strict regulatory approach that focuses on finding a balance between supporting innovation and protecting the interests of market players.

Earlier this month, Gensler expressed his belief that the market needed additional authorities to prevent transactions, products and platforms from falling between regulatory loopholes, as well as more resources to protect investors in this. growing and volatile sector.

[ad_2]