Do we need to do it? Donald Trump’s tweet about cryptocurrencies and the decision of lawmakers to drop support for a stable coin regulation bill

The use of cryptocurrencies by criminal actors is reported to have increased as the use of the global financial system continues to grow. According to the F.B.I., the most pervasive investment scam where losses account for almost 71 percent of all losses is the exploitation ofcryptocurrencies.

Donald Trump stated on X that it is one of the things that we have to do. I have to do it. Whether we like it or not. In the same tweet, posted a month and a half before the election, Trump promoted his new venture World Liberty Financial Inc.

Eswar Prasad, a professor of economics at Cornell and the author of “The Future of Money: How the Digital Revolution Is Transforming Currencies and Finance,” who has written extensively about digital currencies, contended in an email That is.

It’s remarkable that the leader of the free world created and promoted a vehicle for rampant speculation in order to directly profit from it. Trump shows little restraint in using the levers of power to enrich his family and associates with little accountability or transparency.

Trump’s launch of two’meme coins’ take conflicts of interest to an altogether new level, especially given his control of the entire financial regulatory apparatus.

Senate Democrats announced on Tuesday that they were introducing a bill that would prevent federal officials and their families from issuing digital assets, as a result of the decision to pull their support from a stable coin regulatory bill.