The White House’s annual Economic Report has caused controversy in the cryptocurrency industry after it criticized digital assets as too speculative and risky while offering no fundamental value. Cardano (ADA) founder Charles Hoskinson has responded to the report, using scathing words to rebuke it.
In a YouTube video streamed on March 22, Hoskinson called the report a ‘hatchet job’ and accused the authors of blaming cryptocurrencies for the current banking crisis that the authorities themselves had created.
He also criticized the report for claiming that crypto had delivered none of the promised benefits, such as decentralized custody and control of money, financial inclusion, improved payment systems, and mechanisms for the distribution of intellectual property and financial value that bypass intermediaries that extract value from both the provider and the recipient.
The report has been seen by many in the crypto community as misguided and lacking in understanding of the potential benefits of digital assets. Hoskinson’s comments are just one of many responses from industry leaders who have criticized the report’s conclusions.
The debate over the future of cryptocurrencies and their place in the global economy is likely to continue for some time. While some argue that digital assets are too risky and speculative, others see them as a revolutionary technology that could transform the financial system and empower people around the world.
As the industry continues to evolve and mature, it will be interesting to see how policymakers respond to the challenges and opportunities presented by cryptocurrencies. The debate over the White House’s Economic Report is just one example of the ongoing conversation around this important topic, and it is clear that there is still much to be discussed and debated before any firm conclusions can be reached.
