Blockchain Association Expresses Disappointment over Biden Administration’s Economic Report on Crypto
The Blockchain Association (BA) has expressed disappointment in response to the Biden administration’s recent Economic Report of the President, which deems cryptocurrency assets as “mostly speculative investment vehicles.”
The report, released by the Biden administration on March 21, 2023, has received criticism from the crypto industry for its less than favorable view of cryptocurrencies.
Kristin Smith, CEO of the Blockchain Association, issued a statement calling attention to the increasing receptiveness of other countries to the growing crypto industry. She expressed concern that the US government’s stance might push companies and innovators to seek opportunities offshore.
“Crypto is here for good, promising a safer and sounder financial system and a consumer-centric internet,” Smith said. “We urge the Biden administration to consider how it will be remembered: as a leader of profound innovation or a roadblock to a global tech revolution.”
In November 2022, theHarris Poll conducted a survey that found 52% of Americans, including a majority of Democrats and Republicans, believe that “cryptocurrencies are the future of finance.”
The survey also discovered that interest in cryptocurrencies is higher among younger investors and people from diverse backgrounds, with one-third of Black, Hispanic, and under 45-year-old respondents already holding cryptocurrencies. Additionally, over 80% of respondents agreed that cryptocurrency regulations should prioritize consumer interests and grant individuals the autonomy to determine their approach to investing in cryptocurrencies.
The BA’s reaction highlights the ongoing debate between the cryptocurrency industry and government regulators regarding the future of digital assets.
While the Biden administration’s report maintains that cryptocurrencies are speculative and potentially detrimental to the stability of financial markets, the Blockchain Association emphasizes the potential benefits of the technology, urging the US government to embrace innovation.
The Washington, D.C.-based Blockchain Association, represents investors, companies, and projects in the cryptocurrency sector and advocatse for a pro-innovation national policy and regulatory framework for the crypto economy.
Source: Blockchain Association Reacts to Biden Administration’s Economic Report – Crypto. Here For Good.
