White House blasts digital assets in new report, sees little value in crypto

Quick Take

  • A White House report paints a dim picture of digital assets, arguing their use cases have not been fulfilled while suggesting they present risks to consumers and the broader financial system. 
  • The report may signal a shift in approach by the Biden administration, from ostensibly agnostic about the sector to openly adversarial. 

A new report from the White House blasts digital assets as failing to live up to their purported initial promise and raising risks for both consumers and the entire U.S. financial system.

The president’s annual economic report to Congress casts major doubt on the benefits of digital assets, and comes