Crypto Industry Denounce White House’s Anti-Crypto Economic Report

 Crypto Industry Denounce White House’s Anti-Crypto Economic Report

Crypto industry leaders and influencers took to Twitter to denounce the White House’s annual economic report saying crypto has no value. The White House’s annual economic report to Congress considers crypto assets as speculative investment vehicles and harmful for investors, stablecoins risk bank runs. The report also doubts the benefits of crypto including store of value, effective means of payment, and economic benefits of DLT technology.

CEO of Galaxy Digital,

“Maybe they should refund me all the taxes I have paid over the past 10 years on my crypto trading. They are wrong! $BTC is report card on the stewardship of the economy. And its rise is telling us something.”

Blockchain Association criticized the Economic Report of the President from the Biden Administration. It is “disappointing” that other countries are increasingly receptive to the burgeoning crypto industry, while the U.S. continues to attack it.

Crypto influencer Scott Melker or The Wolf Of All Streets attacked the report by citing the regulators-led banking crisis. He claims banks no longer offer any fundamental value, nor do they act as an effective place to store fiat money.

Fred Ehrsam, the co-founder of Paradigm, revealed that 15% of the Economic Report of the President was dedicated to crypto FUD. The report also includes the government’s approach to the FedNow payment system and central bank digital currencies (CBDCs).

Operation Choke Point 2.0

The Economic Report of the President is the Biden Administration’s economic priorities and policies for the year. This indicates that Operation Choke Point 2.0 is real and the government and regulators are looking to de-bank crypto companies. While regulators have denied claims of any Operation Choke Point-type action against the crypto industry, the tone of the report and recent regulatory crackdown against the crypto raise concerns.

CoinGape earlier reported that Crypto leaders such as Nic Carter, Cathie Wood, Elon Musk, Arthur Hayes, and CZ have questioned the crypto crackdown by the regulators. Crypto had nothing to do with the banks’ investment decisions, nor the Fed’s decision to increase interest rates 19-fold in less than a year.

Also Read: Crypto firms Turn to Swiss Banks After Silvergate and Signature Fall

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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