The White House’s annual economic report to Congress casts major doubt on digital assets and their purported benefits.
The report argues that they have failed to live up to their potential and pose risks to consumers and the U.S. financial system.
While acknowledging that distributed ledger technology may have potential in the future, the report suggests continued investments in the nation’s financial infrastructure may eliminate the need for digital assets.
This shift in tone from agnostic to adversarial toward digital assets may signal a new approach by the Biden administration.
