White House Report Sparks Outrage in Crypto Industry.

The White House's annual Economic Report of the President has criticized cryptocurrencies, stating that they are highly volatile, subject to fraud, and reflect an ignorance of basic economic principles. The report also refutes claims made by crypto proponents, including that they could function like money without a central authority, enable fast digital payments, and increase financial inclusion. The report concludes that crypto advocates need to go back to school and that crypto assets have brought none of the benefits they promised, while their costs have adversely impacted consumers, the financial system, and even the physical environment.