Just hours after a "social media summit," the president's Twitter account posted a thread aimed at, of all things, cryptocurrency. After starting off by claiming he's "not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air" Trump took specific aim at Facebook's new effort Libra.
In the series of tweets he said "Facebook Libra's "virtual currency" will have little standing or dependability. 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." What does this mean for possible regulation of cryptocurrency in general and Facebook's digital currency specifically? Until there's actual policy in place, it's difficult to know.
A Libra hearing in front of the Senate's Committee on Banking, Housing and Urban Affairs is scheduled to take place next week on July 16th.