In a letter to Cecilia Rouse, the head of the White House Council of Economic Advisers, two Republican members of Congress have raised questions about the council’s position on digital assets. The Biden Administration’s shifting stance on the advantages of digital assets has drawn criticism from representatives Warren Davidson of Ohio and Mike Flood of Nebraska, who cited a 36-page chapter in the Economic Report of the President that criticized the cryptocurrency sector.
The MPs enquired in their letter if legislation was required and how cryptocurrency enterprises might comply with “conflicting” laws and regulations. They also asked the council how FedNow Instant Payment System and central bank digital currency will be more inclusive than digital assets.
The legislators raised concern about the Biden Administration’s attitude to digital assets, claiming that it is pushing inventors out of the United States and into the hands of foreign rivals. They referenced President Biden’s executive order from March 2022, which urged safeguarding consumers, advancing American leadership in the field, and investigating a digital currency issued by a central bank.
Davidson and Flood urged Chair Rouse to answer to their questions by May 26, 2023. This action demonstrates how politicians’ worries about how digital assets are handled and regulated in the US are growing.