Trump tweets opposition to crypto, specifically Libra and BitcoinShrinking violet Donald Trump doesn’t often share his views, so it was refreshing to see him share an opinion for once on Twitter. The United States president declared that he isn’t a fan of Bitcoin and other cryptocurrencies — telling his 61.9 million followers they fuel unlawful behavior. Trump also had Libra in his sights during the three-tweet tirade and warned Facebook’s upcoming digital currency will have “little standing or dependability.” He rounded off by reminding his followers that there’s only one real currency in America, the U.S. dollar (and this really came as a surprise, as I thought it was the Vietnamese dong.) Bitcoin prices actually reacted positively to Trump’s proclamations, as it’s unclear whether this amounts to a policy of any kind. His tweets came two days after Libra co-creator and Calibra head David Marcus assured Congress that Facebook (NASDAQ:FB) is willing to cooperate with its hearings — even though politicians’ pleas to halt the project seem to have fallen on deaf ears at Menlo Park.
U.S. SEC and FINRA issue statement on crypto custody issuesRumblings from other U.S. institutions did have the potential to spook crypto users this week. In a joint statement on Monday, the Securities and Exchange Commission and the snappily named Financial Industry Regulatory Authority said they are unconvinced that crypto custodians can comply with strict rules designed to ensure that assets can be returned to customers if a company collapses. Tuesday saw the Internal Revenue Service raise eyebrows when leaked documents suggested the taxman planned to force tech giants to check download histories and report on crypto activity by its users. And to round it all off, Bitcoin prices took a hit on Wednesday when Federal Reserve Chair Jerome Powell said he thinks Libra “cannot go forward” unless there is “broad satisfaction” that Facebook has addressed regulatory concerns.
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