The White House Council of Economic Advisers spared no words in arguing the digital assets sector poses a number of risks to consumers in a new report. nikhileshde reports
The report looked at a number of claims and stated goals from the crypto industry, ranging from cryptocurrencies' role as investment vehicles and payment tools to its potential use in payment infrastructure, saying that"many of them do not have a fundamental value" and noting other issues with the sector.
Other examples pointed to more subtle frauds, like Long Island Iced Tea changing its name to Long Blockchain to ride a stock price wave despite not having anything to do with blockchain at the time. "Some have suggested that near instant digital payment systems like FedNow may reduce the need for circulating digital money," the report said."In this case, the benefits of circulating digital money after FedNow is launched may be minimal. In fact, Federal Reserve governor Michelle Bowman commented in August 2022 that 'my expectation is that FedNow addresses the issues that some have raised about the need for a CBDC.
The report also acknowledged that"some crypto assets appear to be here to stay," though it went on to note that"they continue to cause risks for financial markets, investors and consumers."
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