Topic: White House - The Biden Administration thinks Economy is disturbed due to Crypto (Read 106 times)

That's utter nonsense! I never thought US government will blame crypto companies fall as a background reason for banking fails. Anyone with a little knowledge of banking will say the banking crisis has happened due to simple failure to maintain banking 101 rules.

Biden government is desperately trying to find a scapegoat it seems! It certainly raises an alarm for the crypto companies operating from US.

Then he grabbed all the attention to a newer version of the payment system named "FedNow" which he thinks can be the future of America. This would be a real-time payment system that will surpass the expectation in the financial system.

Fednow is such a lame name. I think they should call it:

Federal Transaction Token (FTT) and the exchange should be Federal Trade Exchange (FTX)

"It has been argued that crypto assets may provide other benefits, such as improving payment systems, increasing financial inclusion and creating mechanisms for the distribution of intellectual property and financial value that bypass intermediaries that extract value from both the provider and recipient. Looking under the hood at these arguments, however, shows a more complicated picture. So far, crypto assets have brought none of these benefits," the report said.

That's utter nonsense! I never thought US government will blame crypto companies fall as a background reason for banking fails. Anyone with a little knowledge of banking will say the banking crisis has happened due to simple failure to maintain banking 101 rules.

Biden government is desperately trying to find a scapegoat it seems! It certainly raises an alarm for the crypto companies operating from US.

The Problem?

Biden Administration said, crypto has shown none of the characteristics mentioned above and it never fulfilled any of the goals like that. They straight away went from positive talks about the crypto assets all the way down to what happened last year. Crypto is the worst asset and environment and he referred to the events such as: Collapse of Terra, BitConnect, and FTX

Then he grabbed all the attention to a newer version of the payment system named "FedNow" which he thinks can be the future of America. This would be a real-time payment system that will surpass the expectation in the financial system.

This is sure to make FEDNOW look good for the regular user while crypto is also bad. All leads going to CBDC including the collapse of banks.
This is a marketing article for that Fednow, I heard they are going to fully launch it this July. They really have to assassinate crypto for this CBDC or people will not use it.

Long Island Iced Tea changed its name to Long Blockchain for price pump is funny, I hope it worked though.

The Biden administration took aim at cryptocurrencies in a new report arguing that many aspects of the digital asset ecosystem are creating issues for consumers, the financial system and the environment.
The Economic Report of the President, published on Monday, is an annual publication by the Council of Economic Advisers aimed at explaining the president's economic priorities and policies. The March 2023 issue included an entire chapter on digital assets and "economic principles."
Monday's report comes amid growing industry concern that federal regulators are looking to de-bank crypto companies, though state and federal regulators have thus far denied these claims. Still, the tone of the report is unlikely to assuage these concerns.


Matthew Homer, a former deputy superintendent with the New York Department of Financial Services, told CoinDesk the report was a "damning indictment of the space that makes [the administration's] policy position crystal clear."
"The amount of attention given to digital assets is substantial, especially when viewed in comparison to other areas of financial services that have arguably been far more detrimental over the past few weeks. The assessment is striking in its definitive tone and broad brush strokes," he said.
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. The report said that "many [cryptocurrencies] do not have a fundamental value" and noted other issues with the sector.
"It has been argued that crypto assets may provide other benefits, such as improving payment systems, increasing financial inclusion and creating mechanisms for the distribution of intellectual property and financial value that bypass intermediaries that extract value from both the provider and recipient. Looking under the hood at these arguments, however, shows a more complicated picture. So far, crypto assets have brought none of these benefits," the report said.
Various disasters in the crypto sector, including last year's collapse of Terra, BitConnect and FTX, were cited as examples of how everyday Americans were harmed.
Other examples pointed to more subtle frauds, such as 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