The report looked at a number of claims and stated goals from the crypto industry, ranging from cryptocurrencies’ role as investment vehicles and payment tools to its potential use in payment infrastructure, saying that “many of them do not have a fundamental value” and noting other issues with the sector.
“It has been argued that crypto assets may provide other benefits, such as improving payment systems, increasing financial inclusion, and creating mechanisms for the distribution of intellectual property and financial value that bypass intermediaries that extract value from both the provider and recipient. Looking under the hood at these arguments, however, shows a more complicated picture. So far, crypto assets have brought none of these benefits,” the report said.
Various disasters in the crypto sector, including last year’s TerraUSD collapse, BitConnect and FTX, were cited as examples of how everyday Americans were harmed.
Source: White House Takes Aim at Crypto in Scathing Economic Report
