It’s been revealed that the crypto industry notes the fact that the crypto industry notes the fact that the White House is allergic to promises. Check out the latest reports about this.
The White House is allergic to promise
The White House’s Council of Economic Advisors published its annual report this week. He dedicated an entire chapter of its 500 pages to digital assets.
The crypto industry is seeking to exist outside of government bounds, the report alleges, which sets it up for failure.
“Digital asset proponents are now aspiring to create a decentralized financial system without relying on governments,” the CEA report reads. “Proponents have been relearning the lessons from previous financial crises the hard way.”
According to the new article posted by Blockworks, a lot of the industry members found the report troubling, especially given its publication during a time of extreme regulatory uncertainty.
“The authors [of the CEA report] repeatedly cite crypto’s most sordid bad actors as broadly indicative of the industry as a whole,” Galaxy analysts wrote in a report Friday. “When referring to frauds, they use BitConnect, one of the most blatant scams of the 2017 bull run (which by the way was exposed by the crypto community in real time and only charged by the SEC 4 years after the scam had run its course in 2021).”
“While other countries are increasingly receptive to the burgeoning crypto industry, some in government appear increasingly allergic to its promise, sending companies and innovators offshore,” Kristin Smith, CEO of the Blockchain Association, said in a statement this week. “Crypto is here for good, promising a safer and sounder financial system and a consumer-centric internet.”
Regarding the price of Bitcoin today, at the moment of writing this article, BTC is trading in the red and the king coin is priced at $27,568. Stray tuned for more news.
