The opinion of the White House on cryptocurrencies

The White House has published a new report stating that crypto assets are creating problems for consumers, the financial system and the environment.

The President's Economic Report, an annual publication that explains the President's economic priorities and policies, included an entire chapter on digital assets and "economic principles."

The report analyzed various claims and stated goals of the crypto industry, noting the risks they pose to financial markets, investors, and consumers.

Although the report did not delve into recommendations for future regulations, it acknowledged that the underlying distributed ledger technology "may still find productive uses in the future."