White House blasts digital assets in new report, sees little value in crypto
A White House report paints a dim picture of digital assets, arguing their use cases have not been fulfilled while suggesting they present risks to consumers and the broader financial system.
“Indeed, crypto assets to date do not appear to offer investments with any fundamental value, nor do they act as an effective alternative to fiat money, improve financial inclusion, or make payments more efficient; instead, their innovation has been mostly about creating artificial scarcity in order to support crypto assets’ prices — and many of them have no fundamental value,” the report issued by the Biden administration says.
The White House document also argues that digital assets are neither an effective store of value, nor an effective means of payment. In the conclusion of its chapter on digital assets, the White House urges that regulators “must apply the lessons that civilization has learned, and thus rely on economic principles, in regulating crypto assets.”
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