Crypto Community Expresses Outrage Over White House Report's Criticism of Digital Assets

The crypto community has expressed displeasure about the latest economic report released by the White House.

The White House released its 2023 edition of ‘Economic Report of the President‘ on March 20, 2023, containing the first discourse on digital assets in the report since its first publication in 1947.

The report includes a chapter focused on questioning the value of cryptocurrencies, with the majority of the discourse centred on refuting the idea that crypto assets enhance payment systems and facilitate financial inclusion. The report also argues that many of these assets lack fundamental value and generate artificial scarcity to prop up prices.

Kristin Smith, CEO of the Blockchain Association, believes the report is unsatisfactory and suggests that some government officials are becoming more resistant to the growing crypto industry.

2/ …some in government appear increasingly allergic to its promise, sending companies and innovators offshore. Crypto is here for good, promising a safer and sounder financial system and a consumer-centric internet…
— Blockchain Association (@BlockchainAssn) March 22, 2023

Smith urged the Biden administration to consider whether they want to be remembered as a trailblazer for groundbreaking innovation or an obstacle to a worldwide technological revolution.

Meanwhile, Fred Ehrsam, the co-founder of Paradigm, a digital asset investment firm, stated on Twitter that 15% of the Economic Report focused on spreading fear, uncertainty, and doubt (FUD) about cryptocurrencies.

15% of the annual White House Economic Report is devoted to crypto FUDhttps://t.co/lQlAyXgfyJ pic.twitter.com/RTZacgXSUg
— Fred Ehrsam (@FEhrsam) March 21, 2023

According to a tweet by Dan Reecer, the release of The Economic Report of the President served as a clear signal of an impending US central bank digital currency (CBDC). He noted the report was released shortly after “Operation Choke Point 2.0”, which targeted US banks that are friendly towards cryptocurrencies.

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