There has been an anti-crypto war going on lately, and peopleare not oblivious to it. Bitcoin (BTC) and cryptocurrencies are at the centre of a political battle in the United States right now, and the newly published White House Annual Report isn’t an exemption. The American president and his team address the use of cryptocurrencies and the blockchain in this 500-page document. Let’s explore Joe Biden is onslaught against cryptocurrencies and blockchain.
Joe Biden‘s yearly economic report discusses cryptocurrencies extensively, with entire chapters devoted to them. While the paper acknowledges the cryptocurrency and blockchain ecosystem’s potential to foster economic innovation, it also emphasizes the hazards involved with utilizing these digital assets, such as price volatility and security issues.
The White House is in a Dilemma
Meanwhile, the White House highlights the need of finding an equilibrium between innovation and legislation while adhering to conventional finance’s norms and laws. This suggests that cryptocurrency industry participants must address financial regulators’ concerns in order to construct a regulatory framework that allows for the cryptocurrency market’s continuous growth and development.
In welcoming the innovations that cryptocurrencies can offer to the economy, the US government emphasizes its concern about the realm of cryptography: “Blockchain technology has accelerated the growth of financially inventive digital assets that have proven to be extremely volatile and susceptible to fraud.”
The US Government Makes a Move
The US government concludesthat there is a need to educate the crypto world so that it learns “the harsh lesson of prior financial catastrophes.” It must be mentioned that the year 2022 provides food for thought for the American government, emphasizing the necessity for regulation in the face of this currency, which mostclaim that itis based on artificial scarcity. Bitcoins with “no intrinsic value,” a derided “Web3,” the so-called “new Internet,” decentralization and centralization, everything is on the table.
