Former US president calls crypto a “disaster waiting to happen”

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In an interview with Fox Business published on Tuesday, former U.S. President Donald Trump was asked about his views on the health of Wall Street markets, the progress of the current administration, and the potential of Bitcoin (BTC) and the cryptocurrency market.

In response to the latter question, the former president replied, “I like the United States currency, but I think the others may be a disaster waiting to happen.” He continued:

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“She [cryptocurrencies] can be fake. Who knows what they are They are certainly something that people don’t know much about. “

He also talked about protecting the sovereignty of the US dollar as a top priority rather than propelling the stagnant financial system and realizing the overwhelming benefits that crypto and blockchain technologies offer.

Despite these less than positive comments, crypto prices seemed untouched at the time of publication. Bitcoin was down 1.17% that day, Ether (ETH) is up 6.30% and the third-placed asset, Cardano’s ADA token, is down 1.1%.

In contrast, current US President Joe Biden has taken a seemingly more favorable stance on the cryptocurrency space, but remains scrupulously cautious.

Earlier this year, President Biden named Gary Gensler, former chairman of the Commodity Futures Trading Commission, as the new head of the Securities and Exchange Commission.

Related: The SEC allegedly hires a blockchain analytics firm to oversee the DeFi industry

So far, Gensler has followed a strict regulatory approach that aims to strike a balance between promoting innovation and protecting the interests of market participants.

Earlier this month, Gensler expressed his belief that the market “needs additional authorities to prevent transactions, products and platforms from getting caught in regulatory loopholes” and “more resources to protect investors in this growing and volatile sector”.