The Trump administration has been a beacon of controversy for the past 3 years, and now it seems that controversy has extended to the crypto markets.
In a recent interview with Coindesk, the former chairman of the U.S. Commodity Futures Trading Commission (CFTC), J. Christopher Giancarlo, claimed that the Trump administration played a part in the 2017-2018 Bitcoin (BTC) bubble bursting.
According to Giancarlo, the Trump administration purposely allowed the introduction of Bitcoin futures products as part of an effort to deflate the runaway crypto bull market.
“One of the untold stories of the past few years is that the CFTC, the Treasury, the SEC and the [National Economic Council] director at the time, Gary Cohn, believed that the launch of bitcoin futures would have the impact of popping the bitcoin bubble. And it worked,” Giancarlo told Coindesk.
Giancarlo elaborated during a speech at the Pantera Summit in San Francisco on Monday that the move was an effort to avoid a 2008 financial crisis-type breakdown, and the move to slow down Bitcoin was “pro-market.”
This news comes after Trump took to Twitter in July to publicly declare that he’s not a “fan” of Bitcoin or altcoins. Considering this almost perfectly coincided with Bitcoin’s high for the year, it adds further validity to the idea that the current administration is systemically working against Bitcoin.
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. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….
— Donald J. Trump (@realDonaldTrump) July 12, 2019
Twitter-based market manipulation aside, the US government continues to lag behind other major governments in their stance and regulatory guidance on digital currencies and blockchain technology. However, this might soon change as Chinese President Xi Jinping recently spoke about the need to focus on accelerating the development and adoption of blockchain technology.
More: Trump Administration Popped 2017 Bitcoin Bubble, Ex-CFTC Chair Says
Related: Ex-CFTC Chair ‘Crypto Dad’ Giancarlo Joins Digital Chamber Trade Group
Image: Gage Skidmore / Flickr
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.
