"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 worldwide", he added.
USA president Donald Trump has turned his Twitter hose on cryptocurrency and Facebook's Libra, declaring himself unimpressed by bitcoin and warning the social media firm that if it wants to get into the payments game it will have to apply to become a fully licensed bank.
Facebook has said repeatedly that it plans to work with regulators to get Libra off the ground, and David Marcus, the Facebook executive who has spearheaded the Libra effort, will testify before multiple congressional committees next week.
US President Donald Trump expressed his mistrust of cryptocurrency Thursday, saying it was "not money" and warning that those wishing to join the trade would have to abide by banking regulations. "The irony is that in tweeting about Bitcoin, Trump has just given it the single best piece of publicity it has ever had", said Gregory.
Nigel Green, CEO of deVere Group - a frequent commentator on Fintech in general, said President Trump was simply wrong placing himself "on the wrong side of history on Bitcoin and other cryptocurrencies".
Trump framed his cryptocurrency skepticism in terms of economic nationalism. "It is called the United States Dollar!"
Late Thursday evening the president took to Twitter to offer his sentiment on digital assets, highlighting his administration's stance on crypto.
Federal Reserve Chairman Jerome Powell spoke about Bitcoin during a Senate testimony earlier this week, where he noted that the advent of cryptocurrencies could put the U.S. into a new era of banking.
One popular response read, sharing data from Google Trends: "Well done Donald Trump for bringing more awareness to bitcoin".
The price of Bitcoin fell nearly 8% on Thursday after Powell's comments. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC.
The ongoing attention given to Libra is likely to intensify. What none of us know exactly is the scale of the illegal operations being carried out by Bitcoin or other cryptocurrencies.