Dan Reecer admits that the mood of the US authorities may be preparations for the release of a digital dollar

The US government has released a report that criticizes the cryptocurrency industry. This provoked anger from the community members.

The document states that digital assets are the most speculative investment vehicle. According to politicians, cryptocurrencies do not have the same functions as fiat, are not as efficient and pose a threat to investors.

The White House also argues that digital coins do not help develop payment services and do not contribute to the emergence of new means of transferring value and intellectual property.

“Instead, innovation comes down to artificially creating scarcity to support the high value of crypto assets, while many of them do not have fundamental value,” the report says.

Members of the crypto community criticized politicians for such an approach to assessing the entire industry. Moreover, versions have appeared about the prerequisites for the appearance of the report right now.

Acala Network’s director of development for decentralized platform Dan Reecer said the report came out shortly after Operation Bottleneck 2. We are talking about an allegedly coordinated government attack on banks that worked with digital assets.

The collapse of Silvergate, Silicon Valley and Signature occurred almost simultaneously, just a couple of weeks before the release of the report. Reecer also admitted that the mood of the US authorities may be preparations for the release of a digital dollar, which will be under the control of the US authorities.

Blockchain Association Executive Director Christine Smith said the report was “disappointing”, pointing out that some politicians are likely to be “allergic” in response to the success of the cryptocurrency industry.

Earlier, experts from Bernstein called the bankruptcy of FTX a prerequisite for a new bull market. In their opinion, the collapse of the platform cleared the industry of “toxic leverage” and demonstrated to investors the need to store crypto assets on their own.