President Trump Declares He’s Not A Fan of Cryptocurrency; Suggests Facebook Seeks New Banking Charter & Become Subject to All Banking Regulations

President Donald Trump declared on Twitter this evening that he is not a fan of cryptocurrency. Following the Social Media Summit, which took place at the White House earlier in the day, the U.S. leader revealed his true thoughts on digital currency, including what he believes the results would be if cryptocurrency was unregulated.

Trump also took aim at Facebook’s efforts to launch a stablecoin dubbed Libra and offered up his own currency advice to the social media giant by stating the following:

President Trump’s tweets about cryptocurrency come just days after he announced the selection of Judy Shelton as a nominee to join the Board of the Federal Reserves. As previously reported, Shelton is an economic advisory to Trump and a Director at the European Bank for Reconstruction and Development. She also appears to be a fan of virtual currencies.

Shelton shared her thoughts about the need for a “new international monetary system” in a Cato Institute blog post last summer. She further explained that the “currency disorder that reigns today” calling it “anathema to any notion of free and fair trade.” She then noted the current monetary system permits governments to “knowingly distort exchange rates under the guise of national monetary autonomy while paying lip service to avoiding trade protectionism.”

Trump Ally and economist Stephen Moore recently voiced support for the Libra venture. Moore shared with Yahoo Finance that Facebook’s already buzzed about coin suggests “competition” for central banks:

“It’s interesting, because [Facebook’s Libra] represents a new challenge for central bankers that they now have competition from private currencies.”

Moore went on to add he is currently “studying up on cryptocurrencies” and said a world of private cryptos “is coming.”

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