White House Issues Scathing Report on Cryptocurrency

Authored by the White House’s Council of Economic Advisers, the report detailed a variety of problems within the digital asset ecosystem.

In a recent study, the Biden administration criticizes cryptocurrency, saying that the financial system, consumers, and the environment are all negatively affected.

Even while state and federal officials have disputed these assertions so far, Monday’s news comes amid rising industry worry that federal regulators are attempting to de-bank crypto businesses. However, the report’s tone does nothing to ease these worries.

The paper analyzed many claims and claimed objectives from the crypto business, including cryptocurrency’ function as investment vehicles and payment instruments and their possible usage in payment infrastructure.

However, a deeper dive into these debates reveals a more complex picture. According to the analysis, crypto assets haven’t delivered any of these advantages yet.

Several crypto industry disasters, such as the Terra, BitConnect, and FTX hacks from last year, were mentioned as instances of how regular people in the United States have been victimized.

Long Island Iced Tea, a company with no ties to blockchain technology, changed its name to Long Blockchain in order to ride the cryptocurrency craze and increase its stock price.

The study also cited Signal’s developer, Moxie Marlinspike, to argue that a centralized internet is more convenient.

As a result, it’s possible that the advantages of using digital currency when FedNow is released will be small.

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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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