The former US president called cryptocurrencies a «ticking time bomb» and warned of their potential harm to the US dollar.
He also talked about the top priority for the government — protecting the sovereignty of the US dollar, not improving the stagnant financial system and introducing the benefits that cryptocurrencies and blockchain can offer.
The current US President Joe Biden takes a more favorable stance towards the cryptocurrency industry, although he has not made any official statements. Earlier this year, Biden appointed Gary Gensler, former chairman of the Commodity Futures Trading Commission (CFTC), new head of the Securities and Exchange Commission (SEC).
Until now, Gensler has taken a rigorous regulatory approach that aims to strike a balance between promoting innovation and protecting the interests of market participants. Earlier this month, Gensler said the SEC needed clear powers to regulate cryptocurrency platforms.