White House Report Raises Concerns on Cryptocurrency’s Practicality and Sustainability

The latest economic report submitted to the Congress by the White House raises significant concerns regarding the utility of crypto assets. According to the report, crypto assets fail to present themselves as practical stores of value or payment mechanisms, and instead primarily rely on artificially created scarcity to maintain their prices. The report further criticized Proof-of-Work (POW) mining and Decentralized Finance (DeFi) practices as well.