US Presidential Advisors Face Congressional Criticism for Crypto Policies in Economic Report
The lawmakers took issue with a section of the President's annual report that they saw as an affront to digital assets and a threat to the economy
US Congressman Warren Davidson and Mike Flood have written a letter to the chair of the Council of Economic Advisers (CEA) asking for an explanation of a chapter the agency published for the Economic Report of the President that took "a hostile view of the digital asset ecosystem." In a chapter called "The Reality of Crypto Assets," which was part of a report given to Congress in March, it was said that crypto assets “have brought none of the promised benefits." Lawmakers said that the agency's view went against what was said in the President's "Executive Order on Ensuring Responsible Development of Digital Assets."
The Congressmen wrote: "We are working to do our part in Congress to put up a regulatory regime for digital assets that will allow this innovative ecosystem to thrive in the U.S. while performing critical protections." They also said that the administration's hostile attitude toward the digital asset ecosystem only pushes digital asset innovation outside of the U.S., bringing capital and economic growth to other countries at the expense of the U.S.