The White House decided it’s time to take a swing at cryptocurrencies in their latest report because, you know, digital assets are the root of all evil. 👿
The Economic Report of the President, which is supposed to explain the President’s economic priorities and policies, devoted an entire chapter to explaining reefer madness why crypto is bad.
The report nitpicked everything from cryptocurrencies’ roles as investment vehicles to their potential use in payment infrastructure, basically claiming that crypto assets have brought no benefits whatsoever.
Various crypto disasters, like TerraUSD’s collapse and the BitConnect and FTX debacles, were cited as examples of how everyday Americans were harmed.
They went on to praise centralized systems like the FedNow network, suggesting that it could render digital currencies and circulating digital money unnecessary.
Although the report grudgingly acknowledged that distributed ledger technology “may still find productive uses in the future,” it continued to harp on the risks posed by crypto assets.
Because, you know, the financial world was totally risk-free before crypto came along. 🤦