​New White House Report Slams Digital Asset Industry The di | Bitcoin Industry

​New White House Report Slams Digital Asset Industry

The digital asset industry has been slammed in a new report published by the White House, with many now fearing that even stricter regulations will be introduced in the US.

The report, titled the Economic Report of the President, had an entire 36-page chapter dedicated to the crypto industry.
Among other things, it went to great lengths to debunk the “perceived appeal of crypto assets.”

It said that crypto functions as “mostly speculative investment vehicles” and described digital assets as volatile because “many of them do not have a fundamental value.”

Further describing the shortcomings of crypto, the White House report said the asset class has been “mostly about creating artificial scarcity in order to support crypto assets’ prices.”

“This raises the question of the role of regulation in protecting consumers, investors, and the rest of the financial system from panics, crashes, and fraud related to crypto assets,” it added.