According to the White House, crypto assets are 'mostly speculative investment vehicles' and fail to serve as effective units of account.
Biden Administration's Economic Report Deems Crypto Assets ‘Mostly Speculative Investment Vehicles’
The report argues that cryptocurrencies do not perform well as a medium of exchange due to their limited acceptance and high volatility, which prevents them from being reliable stores of value. The White House also believes that there is a conflict of interest when crypto assets are seen as both a form of money and an investment vehicle. “In summary, in addition to being speculative assets, cryptocurrencies are currently ineffective alternatives to sovereign money, such as the U.S.
Biden Administration Insists Defi Platforms ‘Should Be Operating in Compliance With Existing Regulations and Rules’
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