White House's scathing comments on crypto: 'have no fundamental value’

In its latest economic report, the White House has made some scathing comments on digital assets. The report features an entire chapter which points out flaws in the crypto ecosystem as well as raises serious concerns.

This report, which casts doubts on the merits of crypto assets, has the crypto industry outraged.

The report, looked at a number of claims from the crypto industry, ranging from cryptocurrencies' role as investment vehicles and payment tools to its potential use in payment infrastructure, saying that "many of them do not have a fundamental value".

It also includes various disasters in the crypto sector, including last year's TerraUSD collapse, BitConnect and FTX, which were cited as examples of how everyday Americans were harmed.

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.

Meanwhile, most cryptocurrencies have gained momentum in the recent days with Bitcoin's price hovering above the $28,000 level for the first time since June 2022. The largest digital coin has gained roughly 25% since March 8, when signs first emerged of trouble around Silicon Valley Bank (SVB), which has since folded and ignited turmoil among other lenders.