Trump Administration's Stance on Cryptocurrencies and Blockchain Technology

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Ever since he announced his run for POTUS, Donald Trump has been everywhere on the media.

Left, Right, Central, Economic, Fake, CNN, whatever kind of website you open or TV channel you turn on, there’s always something good or bad about Trump. Even though he launched Trumpcoin to help raise capital for his election promises, his stance on crypto remains largely unknown to many.

Cryptocurrencies have gained an incredible rise in popularity and usage over the years and it’s important to know of each country’s views towards the subject. There have been multiple rumors linking the Trump administration to a potential cryptocurrency ban. Easily enough this can be chalked down to fake news since cryptocurrencies are more popular and used than ever.

Steve Bannon, the ex-Chief Strategist of the Trump election campaign made many remarks about cryptocurrencies and blockchain technology. While Bannon was dismissed from the White House in August 2017, he was very vocal about the way the financial elite enslave the masses.

He said:

“We take control of the central banks away. That will give us the power again… Once you take control of your currency, your data and your citizenship, that’s when you’ll have true freedom.”

Trump’s ex-administration members share strong views about crypto and blockchain

Another ex-member of the Trump administration spoke highly of blockchain technology. In an interview for CNBC, Gary Cohn who led The President’s National Economic council until April 2018, said he’s not a big believer in bitcoin, but a believer in blockchain technology.

He remained very optimistic about the future of blockchain technology and cryptocurrency.

Cohn stated:

“We will have a global cryptocurrency at some point.”

He explained in detail that a global cryptocurrency will not be burdened by power-hungry mechanisms like bitcoin and other currencies. No mining and electricity costs will affect the futuristic concept. He concludes by emphasizing on the requirement of a quick and easy understanding and movement of the currency.

On July 11^th, Trump signed an executive order for a team tasked with the investigation of digital currency fraud.

The task force will be assembled within the Department of Justice and will investigate crimes of fraud committed against the government or the people. The task force will also focus on consumer and financial markets. The biggest offenders which will be monitored the most are the ever so popular pump and dump schemes involving ICO’s.

If we look at the opinions of the ex-members of the Trump Administration and combine them with the raising cryptocurrency popularity, it’s safe to say things are looking optimistic. Trump’s opinion isn’t as transparent and outspoken, but in time a stronger and more direct position will have to be taken by POTUS to address this global phenomenon.

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