Donald Trump, the former US president, became the first president in US history to directly address cryptocurrencies during his tenure. Unfortunately, he revealed that he was not a fan. Now, even after leaving office, it appears that the former president is still not done criticizing Bitcoin (BTC / USD).
Trump recently appeared on FOX Business, stating that Bitcoin strikes him as a scam and that he doesn’t like it because it is another currency that competes with the US dollar. Trump, on the other hand, does not plan to settle for anything other than the USD becoming the world’s currency, and Bitcoin is dangerous competition right now.
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However, earlier when he criticized BTC in the summer of 2019, he said that his biggest concern is price volatility. He said that this is why the value of Bitcoin feels like air. In other words, while your stance towards BTC appears to be consistent, your reasons for not liking the world’s largest crypto may have changed.
Trump’s anti-crypto stance was also reflected by his entire administration, which aimed to bring in as many anti-crypto policies as possible. There are even claims that Trump ordered Steve Mnuchin, the former Treasury secretary, to go after BTC. As some may recall, the Treasury even tried to implement regulations that would allow them to learn about private wallets.
However, while the Trump administration is no longer in charge, the policy itself was further expanded by the incumbent Biden administration. Right now, the IRS is looking to close tax loopholes related to cryptocurrencies. Meanwhile, US officials also have several pro-crypto members among their ranks. Some examples include Senator Cynthia Lummis and Representative Warren Davidson, who continue to push for privacy regarding crypto wallets.
In other words, the fight for US crypto users is far from over, but they are not alone against the entire government. Right now, crypto regulations appear to be targeting ransomware due to a significant increase in ransomware attacks.
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