One of Donald Trump’s top allies in Congress has diverged from the president on what has suddenly become one of the federal government’s top priorities: bitcoin.
House Minority Leader Kevin McCarthy told CNBC that unlike Trump, he is a fan of the flagship cryptocurrency and the security of blockchain technology.
“I like bitcoin,” he told the network.
However, like Trump and other politicians on both sides of the aisle, McCarthy heaped criticism on Facebook’s Libra cryptocurrency.
Critics like Democrat and fellow California Representative Maxine Waters worry that the Libra is an attack on the US dollar’s sovereignty.
On Monday, US Treasury Secretary Steven Mnuchin said that the White House has “very serious concerns” about Libra – and bitcoin, for that matter. He warned that the rise of cryptocurrency is a national security risk, though he stopped short of calling for any new regulations on the nascent technology and asset class.
Previously, House Minority Leader McCarthy said that the federal government should make investing in blockchain technology of its top priorities. He theorized that blockchain could increase transparency and efficiency within the government’s day-to-day operations.
Last modified: July 16, 2019 09:02 UTC