White House Criticizes Crypto's Economic Value and Riskiness in Annual Report

The White House Council of Economic Advisers has released a report criticizing the cryptocurrency industry, stating that crypto assets offer no widespread economic benefits and are largely speculative investment vehicles. The report also notes that crypto assets are too risky to function as payment instruments or to expand financial inclusion. The White House suggests that no new laws are needed, as much of the activity in the crypto asset space is covered by existing regulations. The Blockchain Association expressed disappointment with the report, while Senator Cynthia Lummis pushed back against it, stating that Bitcoin is a commodity with economic value.