Trump blasts Bitcoin and Facebook’s Libra, says they should face banking regulations

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A man makes a purchase from a Pennsylvania Lottery machine, left, next to a Bitcoin ATM machine in a Sheetz convenience store in Pittsburgh, on July 9, 2019. Sheetz, a Pennsylvania-based convenience store chain, is putting Bitcoin ATMs in six shops around the state and one in North Carolina, giving customers the ability to buy and sell the cryptocurrency with US dollars. (AP Photo/Gene J. Puskar)
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A 3-D printed Facebook logo is seen on representations of the Bitcoin virtual currency in this illustration picture. (REUTERS/File Photo)
Updated 12 July 2019
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Trump blasts Bitcoin and Facebook’s Libra, says they should face banking regulations

  • Facebook said last month it would launch its global cryptocurrency in 2020
  • Bitcoin, the best-known digital coin, was created in 2008 as an alternative to currencies controlled by governments and banks

WASHINGTON: US President Donald Trump on Thursday criticized Bitcoin, Facebook’s proposed Libra digital coin and other cryptocurrencies and demanded that companies seek a banking charter and make themselves subject to US and global regulations if they wanted to “become a bank.”
“I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air,” Trump wrote on Twitter.
“If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National and International,” he added.
Facebook said last month it would launch its global cryptocurrency in 2020. Facebook and 28 partners, including Mastercard Inc, PayPal Holdings Inc. and Uber Technologies Inc, would form the Libra Association to govern the new coin. No banks are currently part of the group.
JPMorgan Chase & Co, the largest US bank by assets, plans to launch its own digital coins.
Trump’s comments come one day after Federal Reserve Chairman Jerome Powell told lawmakers that Facebook’s plan to build a digital currency called Libra could not move forward unless it addressed concerns over privacy, money laundering, consumer protection and financial stability.
Powell said the Fed had established a working group to follow the project and was coordinating with other countries’ central banks, several of which have also expressed concern about Facebook’s digital currency project.
The US Financial Stability Oversight Council, a panel of regulators that identifies risks to the financial system, is also expected to conduct a review.
Facebook, the White House and the Treasury Department did not immediately respond to requests for comment. A spokeswoman for the Federal Reserve declined to comment.
Bitcoin, the best-known digital coin, was created in 2008 as an alternative to currencies controlled by governments and banks, but crypto trading and digital currencies remain largely unsupervised. The market has also faced allegations of money laundering and terrorist financing.
Trump’s series of tweets on cryptocurrency also come on the heels of an event at the White House where the president criticized large technology companies that he said treated conservative voices unfairly.
The Internet Association, a trade group representing major tech firms like Facebook, Twitter and Google, said: “Internet companies are not biased against any political ideology, and conservative voices in particular have used social media to great effect.”


What We Are Reading Today: Yale Needs Women by Anne Gardiner Perkins

Updated 21 September 2019

What We Are Reading Today: Yale Needs Women by Anne Gardiner Perkins

  • The book is a historical novel based on the first females that were accepted and lived on campus at Yale

Yale Needs Women by Anne Gardiner Perkins is a historical novel based on the first females that were accepted and lived on campus at Yale starting the summer term of 1969.

“This is an academic work although written in a very accessible style for the average reader,” said a review in goodreads.com.

It said the book “started as a graduate paper and morphed into a dissertation over time.”

The review also said Perkins “really allows readers into the lives of several of the students and one administrator in particular.”

It said the author “straddles the line nicely between fitting in the comprehensive detailed research she managed and making it interesting enough that someone mighty think it was a novel.”

Perkins grew up in Baltimore and attended Yale University, where she earned her BA in history and was the first woman editor-in-chief of the Yale Daily News. 

She has spent her life in education, from urban high school teacher to elected school committee member. 

She has presented papers on higher education at leading conferences.

Although Yale Needs Women’s principal focus is on, well, women at Yale, Perkins also weaves in a lot of events that were also happening at the time and impacted Yale life, such at the Black Panther movement and the Vietnam War.