- John Bolton, in his book “The Room Where It Happened,” claimed that Donald Trump wanted to go after Bitcoin in May 2018 itself.
- It was only in July last year that Donald Trump came out in the open about his hatred for digital currencies in a series of tweets on Twitter.
- ‘Go after Bitcoin’ were the words used by President Trump to address his treasury secretary, Steve Mnuchin, in May 2018.
Per Forbes, A former national security advisor, John Bolton, in his book The Room Where It Happened, claimed that Donald Trump wanted to go after Bitcoin in May 2018 itself. The book not yet published. Publish halted as it has invited a lot of criticism and pressure from the United States Department of Justice. It was only in July last year that Donald Trump came out in the open about his hatred for digital currencies in a series of tweets on Twitter.
Go After Bitcoin
‘Go after Bitcoin’ the words used by President Trump to address his treasury secretary, Steve Mnuchin, in May 2018. At that time, the cryptocurrency bubble was still in its nascent stage of unraveling. The topic under which the conversation held was tariffs and sanctions against China. However, the minute details of the cryptocurrency conversation have not yet revealed.
The President’s sole motive is to regulate and bring digital payments under the ambit of regulatory bodies such as the Financial Crimes Enforcement Network (FinCEN). Mnuchin stated earlier this year that ‘significant new requirements’ will roll out for cryptocurrency users and agencies.
Regulations on Cryptocurrency
FinCEN will follow guidelines provided by the Financial Action Task Force. A rule states that Virtual Asset Service Providers need to obtain and hold originator and sender information for all transactions. Bitcoin is a currency that the government can’t manipulate, as stated by The White House Chief of Staff, Mick Mulvaney. Trump feels that digital currencies are very volatile and based on thin air. It may invite unlawful behavior, and history is proof that crimes committed because of this.
Trump has retaliated with official comments pouring in that those were not his words, and used only to ostracize him. As there are no regulations in place for trading in digital currencies. Traders feel that there should be policies to safeguard their interests.