Experts React to White House Report on Crypto: ‘Amazing Such a Document Exists’ | Invezz

The crypto community is surprised at how much the Biden administration is missing out on what the industry is offering. Indeed, several experts have expressed reservations about what the White House released in its economic report for the president 2023.

What did the White House say about crypto in its report?

Basically the White House report declares that cryptocurrencies have no use, according to a view of crypto experts, it is “a manifestly false position.” It is “amazing that such a document existssaid another. The economic report basically states that crypto has “no fundamental value” and that crypto offers none of the benefits that its proponents say it offers.

For example, the White House claims that cryptocurrencies have not improved payment systems, increased financial inclusion, or enabled efficient transfer of financial value.

According to the authors of the report, crypto innovation has been largely about “create artificial scarcity in order to support crypto asset prices.” The 30-page rant against crypto was also meant to glorify the place of fiat — in this case, the US dollar.

Experts amazed at the White House’s view on crypto

While the US government outlook in this report does not sum up the fate of crypto as it is, its content and timing could shed light on the trajectory regulators will take as the ecosystem fights for legislative clarity. The reaction from across crypto highlights this thinking, with experts noting that the report is almost completely irrelevant.

Christian Catalini, co-founder and chief strategy officer of Lightspark, argues that the United States risks “squandering its technological leadership in crypto.”

He noted that the report shows how extensively the White House has researched the topic of crypto.

1/ The United States risks wasting its technological leadership in the field of cryptography. THE @White HouseThe economic report illustrates the lack of research conducted to provide a balanced perspective on its underlying economics: https://t.co/nploH2MOu6

—Christian Catalini (@ccatalini) March 22, 2023

Omid Malekan, author of several books, especially on crypto and blockchain topics, says he finds “Iit’s amazing [that] such a document exists.” He shared his comments via LinkedIn, noting:

“It’s an industry that has won over tens of millions of Americans. It has attracted some of the greatest minds in technology, finance, economics, law, and crypto. It attracted billions of capital.

He pointed to the growing application and use of crypto in several areas and its adoption by some of the biggest brands in the world, wondering if the United States thinks all these people are wrong about crypto. Does this also mean that the UK, EU, UAE, Hong Kong, Singapore, and Japan, countries that are all “leaning” into crypto, are wrong?

This is “a manifestly false position”

A ‘former’ lawyer using the handle @exlawyernft on Twitter said the economic reports had taken a ‘demonstrably false position’. According to him, this is largely due to the “pposition that crypto is only used for illegal purposes and for money laundering.”

In the opinion of the crypto expert, the rise and adoption of cryptocurrency has accelerated as more and more people lose faith in governments and banks around the world, especially with the global economic systems that apparently only benefit the wealthy.

The post-COVID era of money printing has only helped to fuel the inflation that drives ordinary people to struggle for basic necessities. The Twitter User added:

“Ordinary people see governments and central banks as the cause of their pain. And they are right. So while Biden’s White House, lawmakers like Sen. Elizabeth Warren, and regulators like Gary Gensler say crypto is nothing but a fraud, ordinary people see it as an answer to failure. monetary and economic policies.

The opinion of most experts is that if the United States remains the world leader in technology and finance, it stands to lose on both fronts if the direction suggested in the White House report is the one taken. the country.

It is also notable that the White House report comes as the US regulatory landscape takes on a “hostile outlook” for the crypto industry. The SEC and other agencies have stepped up enforcement action against crypto firms, coming even as the government has seemingly rushed to bail out troubled banks in the wake of the Silicon Meltdown Valley Bank.